• AUD/USD seesaws around intraday high, recovers from two-month low.
• Further upside remains questionable as 200-HMA also challenges bulls.
• Short-term support line holds the key to further downside.

AUD/USD takes rounds to 0.7150 while struggling to keep the daily gains ahead of Friday’s European session.

In doing so, the Aussie pair holds onto the recovery from a two-month low, as portrayed by an immediate rising trend line. However, the 100-HMA and a one-week-old descending resistance line, respectively around 0.7150 and 0.7165, challenge the quote’s rebound.

Even if the AUD/USD prices rally beyond 0.7165, the 0.7200 threshold and 200-HMA level of 0.7260 will act as additional upside filters to challenge the further recovery.

On the flip side, pullback moves may initially test the aforementioned support line from the latest multiday low, near 0.7130 by the press time.

Following that, the 0.7100 round figure and a downward sloping trend line from April 25, close to 0.7030, could test the AUD/USD sellers.

It’s worth noting, however, that the pair’s declines past 0.7030 will make it vulnerable to decline towards January’s low surrounding 0.6965.

AUD/USD: Hourly chart

Trend: Pullback expected