AUD/USD Price Analysis: Bulls await a sustained move beyond 0.7000 mark

• AUD/USD regained some traction on Monday, albeit lacked any strong follow-through.
• The set-up favours bullish traders and supports prospects for additional near-term gains.
• Only a convincing break below the 0.6900 mark will negate the constructive outlook.

The AUD/USD pair held on to its mildly positive tone through the early North American session, albeit lacked any strong follow-through and remained below the key 0.7000 psychological mark.

Looking at the technical picture, the pair has been able to attract some dip-buying near a short-term ascending trend-line extending from mid-June. The mentioned support coincides with 200-period SMA on the 4-hourly chart and is currently pegged near levels just below the 0.6900 mark.

Meanwhile, technical indicators on the daily chart maintained their bullish bias and have just started moving into the positive territory on hourly charts. The set-up seems tilted in favour of bullish traders and supports prospects for a further near-term appreciating move.

A convincing breakthrough the 0.7000 mark will reinforce the constructive outlook and set the stage for a move towards retesting YTD tops, around the 0.7060-65 region. Some follow-through buying should assist bulls to aim towards reclaiming the 0.7100 mark for the first time since April 2019.

On the flip side, only a convincing breakthrough the 0.6900 confluence support will negate the positive set-up. The pair might then turn vulnerable to accelerate the slide back towards the 0.6800 mark en-route mid-June swing lows, around the 0.6775 region.

AUD/USD 4-hourly chart

Technical levels to watch