AUD/USD Price Analysis: Pares gains below 0.7000 inside weekly bullish channel

• AUD/USD fades bounce off intraday low, stays inside bullish chart pattern.
• 50-HMA, descending resistance line from Friday restrict immediate upside.
• 200-HMA adds strength to the bullish chart formation’s support.

AUD/USD remains mildly offered around 0.6980 as it consolidates recent gains near the monthly high. In doing so, the Aussie pair seesaws inside a one-week-old ascending trend channel during Monday’s Asian session.

Given the bearish MACD signals and the steady RSI (14), as well as a convergence of the 50-HMA and descending resistance line from Friday, AUD/USD prices may witness further downside.

However, a convergence of the 200-HMA and the aforementioned bullish channel, around 0.6940, appears a tough nut to crack for the AUD/USD bears.

Following that, the 50% Fibonacci retracement of July 14-29 upside, near 0.6855, could lure the pair sellers.

Alternatively, a clear upside break of the 0.6990 immediate resistance confluence will need validation from the 0.7000 threshold to recall the AUD/USD buyers.

Even so, the upper line of the stated channel, near 0.7040 by the press time, could challenge the pair’s further advances.

It should be noted that the AUD/USD pair’s upside past 0.7040 will push the buyers towards the mid-June swing high close to 0.7070.

AUD/USD: Hourly chart

Trend: Limited weakness expected