AUD/USD Price Analysis: Intraday uptick struggles to find acceptance above 0.6900 mark

• AUD/USD edged higher on Friday and momentarily spiked above 0.6900 mark.
• The set-up supports prospects for the resumption of the prior bullish trajectory.
• The 0.6840-35 horizontal support now seems to act a strong base for the major.

The AUD/USD pair jumped to fresh session tops in the last hour, albeit struggled to find acceptance above the 0.6900 mark and quickly retreated few pips thereafter. The mentioned level coincides with 200-hour SMA.

Meanwhile, the intraday positive move assisted the pair to break through a short-term descending trend-line resistance, extending from YTD tops. This coupled with bullish oscillators on the daily chart add credence to the constructive outlook and support prospects for the resumption of the three-month-old bullish trend.

Bulls, however, need to wait for some strong follow-through buying, possibly beyond the 0.6920 level, before positioning for any further near-term appreciating move. The pair might then aim back to reclaim the key 0.7000 psychological mark before eventually darting towards the recent swing highs, around the 0.7065 region.

On the flip side, the 0.6840-35 region now seems to have emerged as a strong base, which if broken might be seen as a key trigger for bearish traders and prompt some aggressive selling. The pair might then accelerate the fall towards the 0.6800 round-figure mark en-route weekly lows support near the 0.6775 region.

AUD/USD 1-hourly chart

Technical levels to watch