- The pair once again manages to find some support near the 0.6745-40 region.
- Technical set-up warrants some caution before placing aggressive bullish bets.
The AUD/USD pair once again managed to find some support near the 0.6745-40 region and managed to regain some positive traction on the last trading day of the week amid US-China trade optimism.
The pair held on to its daily gains following mixed US economic data though remained well below a two-week-old descending trend-line, which should now act as a key pivotal point for short-term traders.
Meanwhile, technical indicators on the 1-hourly chart have been gaining positive traction but are yet to recover from the bearish territory on 4-hourly/daily charts, warranting caution for bullish traders.
Hence, it will be prudent to wait for a convincing break through the mentioned trend-line resistance before positioning for any further near-term recovery back towards reclaiming the 0.6800 round-figure mark.
On the flip side, sustained weakness below the 0.6745-40 support area might now turn the pair vulnerable to slide back towards the 0.6700 handle en-route multi-year lows support near the 0.6680-75 region.
AUD/USD 4-hourly chart
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