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   “¢   The pair stalled its intraday positive momentum and started retreating from a resistance marked by a short-term ascending trend-channel, held over the past 24-hours or so.

   “¢   Meanwhile, technical indicators on hourly charts support prospects for an extension of the upward trajectory and have also started gaining positive momentum on the daily chart.  

   “¢   The set-up clearly suggests that any meaningful dips towards the trend-channel support, currently near the 0.7220 region, are likely to be utilized as a buying opportunity.

   “¢   Only a sustained break through the mentioned support might negate the near-term positive outlook and turn the pair vulnerable to extend its retracement slide from over 5-week tops.
 

AUD/USD 1-hourly chart

AUD/USD

Overview:
       Last Price:  0.7231
       Daily change:  19  pips
       Daily change:  0.263%
       Daily Open:  0.7212
Trends:
       Daily SMA20:  0.7112
       Daily SMA50:  0.7163
       Daily SMA100:  0.7269
       Daily SMA200:  0.7487
Levels:
       Daily High:  0.7219
       Daily Low:  0.7183
       Weekly High:  0.726
       Weekly Low:  0.705
       Monthly High:  0.724
       Monthly Low:  0.702
       Daily Fibonacci 38.2%:  0.7205
       Daily Fibonacci 61.8%:  0.7196
       Daily Pivot Point S1:  0.719
       Daily Pivot Point S2:  0.7168
       Daily Pivot Point S3:  0.7153
       Daily Pivot Point R1:  0.7226
       Daily Pivot Point R2:  0.7241
       Daily Pivot Point R3:  0.7263