AUD/USD Technical Analysis: 200-hour EMA is proving a tough nut to crack

• The AUD/USD has found support around 0.7050 this week, but so far, that has failed to recharge engines for a strong corrective rally.  
• Notably, the 200-hour exponential moving average (EMA) has been proving a tough nut to crack.
• As a result, the 200-hour EMA   of 0.7096 is the level to beat for the bulls. Acceptance above that level would open up upside toward 0.7182 (50-hour EMA + falling trendline from January highs).
• On the downside, a violation at the recent low of 0.7041 (Oct. 8 low) will likely embolden the bears and expose the psychological support of 0.70.

Hourly Chart

Spot Rate: 0.7070

Daily High: 0.7082

Daily Low: 0.7064

Trend: Bullish above 200-hour EMA

Resistance

R1: 0.7096 (200-hour EMA)

R2: 0.7160 (Oct. 17 high)

R3: 0.7181 (50-day EMA + trendline hurdle)

Support

S1: 0.7055 (previous day’s low)

S2: 0.7041 (recent low)

S3: 0.70 (psychological support)