Search ForexCrunch

   “¢   Persistent USD selling bias and rising copper prices help build on Friday’s bullish breakthrough a short-term descending trend-channel formation on the 4-hourly chart.

   “¢   On the same chart, short-term technical indicators are holding in positive territory and hence, the momentum could get extended towards a previous strong horizontal support now turned resistance.

   “¢   Only a decisive break back below the 0.7400 handle might now negate the near-term bullish outlook and turn the pair vulnerable to resume with its prior depreciating slide.  

AUD/USD 4-hourly chart

Spot Rate: 0.7468
Daily Low: 0.7428
Trend: Bullish

Resistance
R1: 0.7485 (horizontal zone)
R2: 0.7499 (50-day SMA)
R3: 0.7530 (R3 daily pivot-point)

Support
S1: 0.7428  (current day swing low)
S2: 0.7396 (100-period SMA H1)
S3: 0.7348 (S2 daily pivot-point)