AUD/USD Technical Analysis: Sticking to the 0.7200 neighborhood ahead of RBA inaction

• The past twenty-four hours  see the AUD/USD picking up some bullish support from a rising trendline after hitting familiar bottoms at 0.7180 early in the week, and bidders are using intraday bounces from the 200-period moving average to scoop out levels for the Aussie, but downside pressure remains a risk factor.
• AUD/USD Forecast: Has eroded 9-month-long falling trendline ahead of the RBA rate decision

AUD/USD M5

• The past two weeks  have put the Aussie into a new near-term high from 0.7250, but this week’s trading has been unable to firmly retake last Friday’s peaks, and near-term support is resting at the 50-hour moving average currently sitting at 0.7196, just south of the  0.7200 major technical handle.

AUD/USD H1

• Over the past two months   the AUD/USD seen a surge above the 200-period moving average on 4-Hour candles from 0.7150, and the 50-period MA is beginning a bullish cross that will help spur buyers into further gains, but the immediate risk is that medium-term action will see further shocks to the lower end before getting shored up from the confluence-heavy 61.8% Fibo retracement zone.

AUD/USD H4