AUD/USD Price Analysis: Battles key resistance below 0.7200 on China Caixin Services PMI

• AUD/USD takes the bids near intraday high after Australia’s largest customer recently flashed upbeat data.
• China’s September month Caixin Services PMI crossed 50.7 forecast and 54.00 prior with 54.8.
• 21-day SMA, a three-week-old falling trend line offer immediate upside barrier.

AUD/USD bulls attack the 0.7185/90 resistance confluence during early Friday. The pair recently gained from strong prints of China’s Caixin Services PMI whereas upbeat risk tone also favor the bulls.

Read: China's Caixin 54.8 vs 54.0 in August, recovery extends

Additionally, MACD is turning bullish and hence challenging the confluence of 21-day SMA, a descending trend line from September 18, around 0.7190.

Other than the immediate upside barrier, the 50-day SMA level of 0.7206 and a five-week-old downward sloping resistance line, at 0.7245 now, also probe the bulls.

In a case where AUD/USD manages to cross 0.7245, the 0.7300 threshold and the mid-September high near 0.7350 can please the buyers.

Alternatively, the monthly bottom surrounding 0.7095, followed by September 25 top near 0.7085, can restrict the pair’s near-term declines ahead of the previous month’s low close to the 0.7000 psychological magnet.

AUD/USD daily chart

Trend: Bullish