AUD/USD technical analysis: Gears up for further upside on the break of 21-DMA, 23.6% Fibo.

• AUD/USD rallies to one-week high on the break of 21-DMA, 23.6% Fibonacci retracement.
• Buyers can target 0.6800, 0.6822 ahead of looking at 0.6875/80 resistance-confluence.
• 0.6735/36 acts as immediate support to watch during the pullback.

Given the successful break of 21-day simple moving average (DMA) and 23.6% Fibonacci retracement of July-August declines, AUD/USD takes the bids to 0.6780 during early Wednesday.

The pair now aims for 0.6800 round-figure and August 08 top of 0.6822 whereas 50-DMA and 50% Fibonacci retracement level could restrict further advances around 0.6875/80.

In a case prices rally beyond 0.6880, July 10 bottom surrounding 0.6910 could flash on buyers’ radar.

If at all the quote fails t hold on to recovery gains, lows marked on August 14 and 23 near 0.6735/36 will limit the pair’s near-term declines ahead of highlighting 0.6700 and August month low of 0.6677.

AUD/USD daily chart

Trend: recovery expected