- After an initial dip to 0.7030 area, the AUD/USD pair regained some positive traction and recovered a part of Friday’s corrective slide from near three-month tops.
- The intraday bounce from 100-hour SMA and a subsequent move beyond a short-term descending trend-line resistance was seen as a key trigger for bullish traders.
With technical indicators on 4-hourly/daily charts holding in the positive territory and again starting to gain traction on the 1-hourly chart, the pair seems poised to extend the momentum amid reviving hopes over the US-China trade deal.
Sustained move beyond the 0.7055-60 region will reinforce the constructive outlook and set the stage for a move back towards testing the previous session’s swing high, around the 0.7080 region en-route the 0.7100 round figure mark.
On the flip side, any meaningful slide might continue to attract some dip-buying near the 0.7035-30 region (100-hour SMA), below which the corrective slide could get extended further towards testing the key 0.70 psychological mark.
AUD/USD 1-hourly chart
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