AUD/USD Technical Analysis: 200-hour MA caps recovery

• AUD/USD picked up a bid after Scott Morrison won the leadership vote to become the new Australian Prime Minister.
• The relief rally has failed to take out the 200-hour moving average (MA) hurdle of 0.7290, nevertheless, it has neutralized the immediate bearish outlook.
• A convincing break above 0.73 would confirm bull reversal, while a move below the session low of 0.7238 would signal bear revival.

Hourly chart

Spot Rate: 0.7277

Daily High: 0.7290

Daily Low: 0.7238

Trend: Neutral

Resistance

R1: 0.7290 (10-day moving average)

R2: 0.7316 (5-day moving average)

R3: 0.7355 (previous day’s high)

Support

S1: 0.7238 (session low)

S2: 0.7202 (Aug. 15 low)

S3: 0.7184 (61.8% Fib R of 2011 low/2011 high)