“¢ The pair trimmed a part of its post-RBA upsurge to near one-week tops, albeit has managed to hold its neck comfortably above the key 0.70 psychological mark.
“¢ Today’s strong up-move lifted the pair beyond 200-hour SMA for the first time in over three weeks and should act as a key trigger for short-term bullish traders.
“¢ Technical indicators on hourly charts have been gaining positive traction, adding credence to the constructive outlook, and support prospects for further gains.
“¢ However, oscillators on the daily chart are yet to catch up with the recovery move and might cap additional gains amid renewed US-China trade tensions.
“¢ Hence, it would be prudent to wait for a follow-through buying beyond the 0.7055-60 supply zone before positioning for any further near-term appreciating move.
AUD/USD 1-hourly chart
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