AUD/USD Price Analysis: 200-hour EMA, weekly support line defend bulls above 0.7700

• AUD/USD struggles to keep bounce off key support confluence.
• Weakening RSI suggests no major support to the pullback moves.
• Bulls need sustained trading beyond 0.7800 for fresh entry.

AUD/USD wavers around the mid-0.7700s following its corrective pullback from an intraday low of 0.7729 during early Wednesday.

In doing so, the quote recovers from 200-hour EMA and an ascending trend line from February 11.

Although failures to stay past-0.7800 keeps the AUD/USD sellers hopeful, the weak RSI line doesn’t back the latest pullback, which in turn suggests another recovery towards the 0.7800 threshold. However, any further upside will be tamed by a one-week-old rising trend line, at 0.7820 now.

Alternatively, a clear downside break of 0.7730 support confluence may catch a breather around 0.7680 ahead of challenging the monthly low near 0.7560.

It should, however, be noted that an extended south-run below 0.7560 will eye the late December 2020 low around 0.7460.

AUD/USD hourly chart

Trend: Further recovery expected