• AUD/USD grinds higher around six-week top, recently bouncing off intraday low.
• Short-term key support line, sustained trading above 200-SMA favor buyers.
• Ascending trend line from late January, early 2022 peak will challenge further upside.
• MACD portrays buyer’s hesitation but RSI support recovery moves.

AUD/USD remains on the front foot around 0.7270, up 0.18% intraday heading into Wednesday’s European session. In doing so, the Aussie pair floats above a one-week-old rising support line to print a two-day winning streak.

The upside momentum also takes clues from the firmer RSI line and the quote’s ability to stay firmer past 200-SMA.

However, an upward sloping resistance line from January 26, near 0.7310, precedes the January 2022 peak of 0.7315 to restrict the short-term upside of the AUD/USD prices.

Following that, a run-up towards the mid-November highs near 0.7370 can’t be ruled out.

Alternatively, a clear downside break of the stated support line, around 0.7260 by the press time, will direct AUD/USD towards the 61.8% Fibonacci retracement of the January 13-28 downturn, near 0.7180.

Even so, the 200-SMA level of 0.7160, as well as 0.7090-85 horizontal region, will challenge AUD/USD bears afterward.

AUD/USD: Four-hour chart

Trend: Further upside expected