“¢ The pair built on its post-RBA goodish rebound from sub-0.7400 level, with a modest USD retracement providing an additional boost and lifting the pair beyond the 0.7400-0.7410 supply zone.
“¢ With technical indicators on the 4-hourly chart gaining positive momentum, a follow-through up-move, towards challenging a one-month-old trend-line resistance, now looks a distinct possibility.
“¢ A convincing breakthrough the mentioned barrier, leading a subsequent move beyond 0.7465-70 hurdle, would mark a bullish breakthrough near-term trading range held over the past seven weeks or so.
AUD/USD 4-hourly chart
Spot Rate: 0.7434
Daily Low: 0.7381
Trend: Bullish
Resistance
R1: 0.7451 (trend-line hurdle)
R2: 0.7484 (July 9/10 swing high)
R3: 0.7500 (psychological level)
Support
S1: 0.7400 (round figure mark)
S2: 0.7381 (current day swing low)
S3: 0.7348 (2-week low set last Friday)
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