“¢ The pair continued with its struggle to build on its momentum beyond the 0.7060 region but has managed to defend a support marked by the lower end of a short-term ascending trend-channel formation on the 1-hourly chart. “¢ Given the recent rejection slide from the very important 200-day SMA resistance, around the 0.7200 handle, the mentioned channel now seemed to constitute towards the formation of a bearish continuation flag chart pattern. “¢ However, the fact that the pair has managed to find acceptance above 100-hour SMA – for the first time in over one week or so, bullish oscillators on hourly charts support prospects for an extension of the ongoing recovery move. “¢ Meanwhile, technical indicators on the daily chart are yet to catch up with the positive momentum and warrant some caution for bullish traders ahead of the latest FOMC monetary policy update on Wednesday. “¢ Hence, it would be prudent to wait for a strong follow-through buying before traders start positioning for any further up-move back towards reclaiming the 0.7100 mark, albeit a sustained weakness below the channel support might negate any near-term positive bias. AUD/USD 1-hourly chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD: Upside remains capped by 1.1170 post-Eurozone data FX Street 4 years "¢ The pair continued with its struggle to build on its momentum beyond the 0.7060 region but has managed to defend a support marked by the lower end of a short-term ascending trend-channel formation on the 1-hourly chart. "¢ Given the recent rejection slide from the very important 200-day SMA resistance, around the 0.7200 handle, the mentioned channel now seemed to constitute towards the formation of a bearish continuation flag chart pattern. "¢ However, the fact that the pair has managed to find acceptance above 100-hour SMA - for the first time in over… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
