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  • The Aussie is continuing to drift backwards from a recent four-week high, and support from the 0.72 handle  is holding for now, but under increasing pressure as the hourly Slow Stochastics gear up for another push into downside territory.
  • On the 4-hour chart, the last swing low remains higher than recent action, but has still made a bearish break of a rising trendline, and sellers may begin to pile in at subsequent swing highs.
  • Daily candles remain firmly in a downtrend slant, with the 50-day EMA currrently  keeping prices under wraps from just beneath the 0.73 ceiling.

AUD/USD Chart, 1-Hour

Spot rate 0.7223
Previous week change 0.26%
Previous week high 0.7241
Previous week low 0.7202
   
Support 1 0.7200 (major technical level)
Support 2 0.7177 (S1 weekly pivot)
Support 3 0.7077 (S2 weekly pivot)
   
Resistance 1 0.7242 (previous week high)
Resistance 2 0.7252 (200-hour EMA)
Resistance 3 0.7300 (major technical level)