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  • AUD/USD bulls decided to put the main bear trend on hold by supporting AUD/USD just above the strong 0.7200 psychological level.  
  • AUD/USD has already reversed all its daily losses and the most cautious AUD/USD counter-trend bulls will likely enter the market after the extra-confirmation of a breakout above the bearish trendline and 0.7255 resistance. The 50-period simple moving average is about to cross above the 100 SMA suggesting building bullish momentum.  
  • Targets to the upside are located near 0.7294 and 0.7345. A bear breakout below 0.7200 figure would negate the counter-trend bullish trade.      

AUD/USD 15-minute chart  

Spot rate:                 0.7239
Relative change:     -0.06%      
High:                        0.7249
Low:                         0.7201

Main trend:               Bearish
Short-term trend:      Bullish above 0.7200

Resistance 1:          0.7255 August 13 low
Resistance 2:          0.7294 August 13 high
Resistance 3:            0.7345 demand level

Support 1:               0.7200 figure
Support 2:               0.7159 December 26, 2016 low
Support 3:               0.7100 figure