AUD/USD Price Analysis: Bulls approach 0.7170 hurdle at three-week high

• AUD/USD remains firmer around monthly top, indecisive of late.
• 200-SMA breakout favors buyers but 13-day-old rising wedge tests buyers.
• Nearly oversold RSI, sluggish MACD challenge the pair buyers.

AUD/USD struggles to extend the latest gains around 0.7160-65, the highest level in three weeks, as bulls struggle with short-term key hurdles during Monday’s sluggish session.

In doing so, the Aussie pair remains inside a two-week-long rising wedge bearish chart pattern, recently poking the resistance line.

Other than the stated wedge’s resistance line, the nearly overbought RSI line and the sluggish MACD signals also challenge AUD/USD buyers around a multi-day high.

However, the pair sellers need validation from the 200-SMA level of 0.7140 to take entry. Even so, the support line of the bearish formation, close to 0.7100 by the press time, will be a tough nut to crack for the bears.

Should the quote drops below 0.7100, the odds of its south run towards the early month’s swing low near 0.7030 and the 0.7000 threshold may probe the south-run towards the monthly low near 0.6830.

Meanwhile, a clear upside break of the immediate resistance near 0.7170, comprising the wedge’s upper line, won’t hesitate to challenge the monthly peak of 0.7266.

Following that, the 0.7300 and the 0.7400 round figure may entertain AUD/USD buyers ahead of directing them to a late April swing high close to 0.7460.

AUD/USD: Four-hour chart

Trend: Pullback expected