“¢ Finally manages to breakthrough an important confluence region near the 0.7400 handle, comprising of 100-period SMA and a short-term descending trend-channel hurdle on the 4-hourly chart.
“¢ With short-term technical indicators gradually picking up the pace, any disappointment from the headline NFP print would increase prospects for a continuation of the ongoing recovery move.
“¢ Only a sustained weakness back below the 0.7400 handle, possibly led by any fresh trade-related developments, might negate the near-term bullish outlook.
AUD/USD 4-hourly chart
Spot Rate: 0.7412
Daily High: 0.7418
Daily Low: 0.7376
Trend: Bullish
Resistance
R1: 0.7434 (20-day SMA)
R2: 0.7459 (R3 daily pivot-point)
R3: 0.7500 (psychological round figure mark)
Support
S1: 0.7400 (confluence resistance break-point)
S2: 0.7361 (overnight swing low)
S3: 0.7337 (S2 daily pivot-point)
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