AUD/USD Price Analysis: Bears attack 0.7530 key support for re-entry

• AUD/USD grinds higher around three-month top, snaps four-day uptrend.
• Ascending trend line from late August challenge bears amid overbought RSI conditions.
• 200-DMA, weekly resistance line guards immediate upside.

AUD/USD bulls seem to have tired after a four-day uptrend to the fresh high since early July. That being said, the Aussie pair is down 0.15% intraday around 0.7535 ahead of Friday’s European session.

It’s worth noting that the overbought RSI conditions dragged the quote from the multi-day high but a two-month-old ascending support line challenges the sellers of late.

However, the stronger hurdle to the north, comprising weekly resistance line and 200-DMA, joins the RSI signals to hint at a pullback towards the 0.7500 threshold, on the break of the immediate 0.7530 trend line support.

During the quote’s weakness past 0.7500, the 10-DMA level near 0.7490 and September’s high near 0.7480 will question the AUD/USD weakness.

Meanwhile, an upside clearance of the 0.7560 resistance confluence isn’t a green pass to the strong rally as an ascending resistance line from late July, near 0.7575, becomes a tough nut to crack for the bulls.

To sum up, AUD/USD is likely to witness a pullback but the bullish trend isn’t expected to reverse.

AUD/USD: Daily chart

Trend: Pullback expected