AUD/USD Technical Analysis: Corrective rally gathers pace

• The AUD/USD pair is eyeing a break above the 100-hour moving average (MA) hurdle of 0.7268, having created a rounding bottom pattern on the hourly chart.
• The relative strength index (RSI) has also adopted a bullish bias.
• As a result, acceptance above 0.7268 would open the doors to 0.73.

Hourly chart

Spot Rate: 0.7260

Daily High: 0.7270

Daily Low: 0.7213

Trend: Bullish

Resistance

R1: 0.7268 (100-hour moving average)

R2: 0.73 (psychological level)

R3: 0.7339 (10-day moving average)

Support

S1: 0.7241 (50-hour moving average)

S2: 0.7213 (previous hourly candle’s low)

S3: 0.7184 (61.8 percent  Fibonacci retracement of 2001 low – 2011 high)