- AUD/USD faces rejection just shy of the 0.7100 level.
- Hourly RSI remains in bullish territory.
- Bulls to retain control while above critical support at 0.7065.
AUD/USD stalls its corrective bounce just shy of the 0.71 barrier, as the bulls take a breather before the next push higher.
The spot is now consolidating the gains, holding above the critical support at 0.7065, as observed in the hourly chart. That level is the confluence of the rising trendline support, 21 and 100-hourly Simple Moving Averages (HMA).
A breach of the last could call for a test of the horizontal 50-HMA at 0.7053. A daily closing below the 100-day Simple Moving Average (DMA) at 0.7018 is needed to revive the downside momentum.
Alternatively, acceptance above 0.7100 could trigger a fresh rally towards the downward-sloping 200-HMA at 0.7166.
The hourly Relative Strength Index (RSI) has turned flat (at 59.26) but holds well above the midline, allowing for an additional bounce.
AUD/USD: Hourly chart
AUD/USD: Additional levels
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