“¢ After yesterday’s pull-back, the pair regains positive traction and is now looking to build on its momentum back above the 0.7400 handle.
“¢ A weaker-than-expected ADP report exerted some additional downward pressure on the USD and provided an additional boost in the past hour or so.
“¢ On the 4-hourly chart, the pair is currently placed at an important confluence region, comprising of a short-term descending trend-channel resistance and 100-period SMA.
“¢ With short-term technical indicators on the said chart holding in neutral territory, a strong follow-through buying would be needed to confirm a near-term bullish breakout and increase prospects for any further near-term appreciating move.
AUD/USD 4-hourly chart
Spot Rate: 0.7405
Daily Low: 0.7361
Trend: Bullish only above the confluence resistance
Resistance
R1: 0.7425 (overnight swing high)
R2: 0.7446 (20-day SMA)
R3: 0.7468 (R3 daily pivot-point)
Support
S1: 0.7384 (10-day SMA)
S2: 0.7361 (current day swing low)
S3: 0.7342 (S2 daily pivot-point)
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