AUD/USD Technical Analysis: Bulls challenging 4-month old descending trend-line/200-DMA confluence hurdle

   •  After yesterday's sharp pullback, the pair caught some aggressive bids on Friday and rallied to fresh multi-week tops to challenge over four-month-old descending trend-line.

   •  The mentioned barrier coincides with the very important 200-day SMA, around the 0.7200 handle, and should act as a key pivotal point for the pair's near-term trajectory.

   •  Oscillators have just started gaining positive traction on the daily chart but are already pointing to slightly overbought conditions on the daily chart, warranting some caution.

   •  Hence, traders are likely to wait for a convincing break through the mentioned confluence barrier before positioning for any further appreciating move, even beyond the 0.7300 mark.

   •  Alternatively, rejection from current resistance area might continue to find some support near the 0.7130-25 region, which if broken might negate prospects for further gains.

AUD/USD daily chart