“¢ The pair once again managed to find decent support and staged a goodish bounce from a support marked by a near three-week-old ascending trend-line.
“¢ Slightly oversold conditions on the 1-hourly chart prompted some short-covering bounce and assisted the pair to reclaim the 0.7100 round figure mark.
“¢ The mentioned handle coincides with 100-hour SMA and should act as a key trigger for bullish traders, supporting prospects for additional intraday gains.
“¢ Oscillators on the 1-hourly chart have also started gaining positive traction and further add credence to the pair’s short-term constructive outlook.
“¢ However, technical indicators on 4-hourly/daily charts held in the neutral territory and are yet to catch up with the positive move, warranting some caution.
AUD/USD 1-hourly chart
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