“¢ The AUD/USD pair regained positive traction on Thursday and built on the overnight bounce from weekly lows, with bulls still awaiting a break through the 0.6935-40 resistance.
“¢ The mentioned region has been acting a key barrier over the past two weeks or so and should act as a key trigger for short-term bullish traders and any follow-through recovery move.
Meanwhile, the fact that the pair has managed to hold its neck above 200-hour SMA pivotal point, coupled with bullish oscillators on the 1-hourly chart support prospects for an eventual breakout and a subsequent move towards reclaiming the key 0.70 psychological mark.
On the flip side, the 0.6900 handle (200-hour SMA) might continue to protect the immediate downside, which if broken might negate any near-term positive bias and turn the pair vulnerable to slide back towards retesting multi-month lows, around the 0.6865 region.
AUD/USD 1-hourly chart
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