“¢ Over the past 24-hours or so, the pair has been trending lower so alongside a downward sloping trend-channel formation on the 30-min chart.
“¢ The ongoing USD upsurge, coupled with declining copper prices overshadowed today’s mostly in-line Aussie second-quarter wage price index and kept exerting downward pressure on Wednesday.
“¢ Oversold conditions on hourly charts helped find some support near the 0.7200 handle and a follow-through move beyond the trend-channel resistance now seems to trigger a short-covering bounce.
“¢ Further gains, however, are likely to be limited ahead of today’s US monthly retail sales data and Thursday’s Aussie jobs report.
AUD/USD 30-min. chart
Spot Rate: 0.7232
Daily High: 0.7243
Daily Low: 0.7203
Trend: Prospects for some near-term short-covering bounce
Resistance
R1: 0.7258 (50-period SMA H1)
R2: 0.7278 (R1 daily pivot-point)
R3: 0.7300 (round figure mark)
Support
S1: 0.7203 (current day swing low)
S2: 0.7188 (S2 daily pivot-point)
S3: 0.7160 (Dec. 2016 low)
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