AUD/USD Price Analysis: Extends pullback from 200-SMA inside weekly bullish channel

• AUD/USD refreshes intraday low during the first loss-making day in three.
• Bullish chart formation, MACD conditions keep buyers hopeful.
• Fortnight-old descending trend line adds to the upside filter.

AUD/USD takes offers to refresh intraday low around 0.7020, snapping a two-day rebound during early Friday morning in Europe.

The Aussie pair’s latest weakness could be linked to the pullback from the 200-SMA. However, an upward sloping trend channel from Tuesday challenges the pair bears. That said, the bullish MACD signals also keep buyers hopeful.

The pair’s latest retreat from the 200-SMA remains less important until AUD/USD prices stay above the support line of the aforementioned rising channel, around 0.6975 by the press time.

Following that, the 0.6900 round figure could act as the last defense of the bulls before directing the quote toward the yearly low, marked earlier in the week surrounding 0.6850, will be in focus.

On the contrary, the 200-SMA and upper line of the channel, near 0.7070 and 0.7100 in that order, challenge the short-term upside of the AUD/USD.

In a case where the quote rises past 0.7100, a downward sloping trend line from June 03, near 0.7120, will be a decisive point for the bulls to watch before retaking the control.

Overall, AUD/USD remains on the bullish trend despite the latest pullback moves.

AUD/USD: Four-hour chart

Trend: Pullback expected