AUD/USD Price Analysis: 0.7000 regains market attention inside weekly rising channel

• AUD/USD extends recovery moves from 0.6968 to attack the psychological magnet.
• The upper line of the immediate rising channel adds to resistances ahead of June month top.
• 200-HMA becomes extra support during the fall.

AUD/USD rises to 0.6990, up 0.10% on a day, during the pre-European session on Thursday. The aussie pair recently gained bids after taking a U-turn from the intraday low of 0.6968. However, the 0.7000 round-figures hold the key to the further upside as favored by an ascending channel formation on the hourly chart.

Bullish MACD increases the odds for the pair’s sustained rise past-0.7000. Though, the resistance line of the said channel, at 0.7025 now, might question the bulls afterward. If not, then the June month’s high surrounding 0.7065 will be in focus.

If at all the bulls manage to stay positive past-0.7065, July 2019 top near 0.7085 becomes an extra hurdle to the north.

Alternatively, the pair’s pullback might take rest on the channel’s support line of 0.6940. Failing to do so can fetch the AUD/USD prices to 200-HMA level of 0.6924, a break of which will exert additional downside pressure towards revisiting June 30 bottom close to 0.6830.

AUD/USD hourly chart

Trend: Bullish