• AUD/USD trims intraday gains during the three-day uptrend.
• MACD eases bearish bias, 50-DMA guards short-term downside.
• Fortnight-old resistance line gains market’s attention ahead of the 0.7800 threshold.

AUD/USD steps back, after refreshing the weekly top, while easing to 0.7760 during the quiet trading session of early Wednesday.

Although a two-week-long descending trend line guards the AUD/USD pair’s immediate upside, sustained trading above 50-day SMA (DMA) and receding bearish bias of MACD test the sellers.

Hence, the quote isn’t expected to fetch the bids unless providing a daily closing below the 50-day SMA level of 0.7720. Even so, the 50% Fibonacci retracement level of April-May upside around 0.7710 and the 0.7700 round figure could test the AUD/USD bears afterward.

In the case where the Aussie prices drop below 0.7700, 61.8% Fibonacci retracement level near 0.7670-65 will be the key to watch.

Meanwhile, an upside clearance of the stated resistance line close to 0.7785 will aim for the 0.7800 round-figure but multiple tops marked since April 20 may challenge the AUD/USD pair’s further upside around 0.7820.

It should, however, be noted that the major currency pair’s run-up beyond 0.7820 directs the bulls toward May’s high near 0.7890.

AUD/USD DAILY CHART