AUD/USD Price Analysis: Further upside hinges on 0.6820 breakout and RBA

• AUD/USD seesaws around five-week high after positing the biggest daily jump in three months.
• Convergence of 200-EMA, three-week-old ascending trend line challenges Aussie pair buyers.
• Hopes of dovish rate hike also raise doubts about bullish bias.
• Upbeat RSI, bullish MACD signals keep AUD/USD buyers hopeful unless the quote stays beyond 100-EMA.

AUD/USD aptly portrays the pre-RBA anxiety as it makes rounds to 0.6780-85 during early Tuesday, following the strongest daily run-up since early January.

Mixed concerns about the Reserve Bank of Australia’s (RBA) Interest Rate Decision challenge the AUD/USD bulls even if a clear upside break of the 100-day Exponential Moving Average (EMA) keeps them hopeful.

Also read: AUD/USD aptly portrays pre-RBA anxiety at five-week top below 0.6800

Adding strength to the upside bias are the bullish MACD signals and firmer RSI (14) line, not overbought.

However, a convergence of the 200-day EMA and an upward-sloping resistance line from mid-March, around 0.6820 by the press time, appears a tough nut to crack for the AUD/USD buyers.

Following that, the 0.6900 and the 0.7000 round figure may act as intermediate halts during the likely run-up targeting the mid-February swing high of around 0.7030.

Meanwhile, pullback moves need to conquer the 100-day EMA level of 0.6770 to convince short-term AUD/USD sellers.

Even so, 0.6720 and the previous day’s low surrounding 0.6650 could challenge the pair bears before giving them control. In that case, the Year-To-Date low of 0.6564 will be in focus.

AUD/USD: Daily chart

Trend: Limited upside expected