“¢ Stages a solid rebound from over 2-year lows despite cautious RBA and now seems to have confirmed a descending trend-channel formation on the 4-hourly chart.
“¢ Short-term technical indicators are yet to catch up and hence, the recovery move runs the risk of meeting with heavy supply near the trend-channel resistance.
“¢ Escalating trade tensions might continue to undermine the China-proxy Australian Dollar and further collaborate towards capping any meaningful up-move, at least for the time being.
AUD/USD 4-hourly chart
Spot Rate: 0.7372
Daily Low: 0.7314
Trend: Bearish
Resistance
R1: 0.7399 (R1 daily pivot-point)
R2: 0.7415 (descending trend-channel hurdle)
R3: 0.7444 (last week’s swing high)
Support
S1: 0.7340 (horizontal zone)
S2: 0.7310 (overnight swing low)
S3: 0.7296 (S1 daily pivot-point)
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