AUD/USD Technical Analysis: Retests immediate strong resistance, around 0.7125-30 region
|• The pair managed to recover early lost ground, back closer to 30-month lows, albeit continued with its struggle to make it through the 0.7125-30 supply zone.
• Technical indicators on the 1-hourly chart have been gaining positive traction but haven't been able to provide the required momentum to clear the mentioned barrier.
• A convincing break on the upside is likely to prompt some aggressive short-covering move and assist the pair to move back closer to the 0.7200 handle.
Spot Rate: 0.7117
Daily Low: 0.7094
Trend: Neutral
Resistance
R1: 0.7132 (weekly high set on Monday)
R2: 0.7165 (200-period SMA H1)
R3: 0.7200 (round figure mark)
Support
S1: 0.7085 (30-month low)
S2: 0.7050 (S3 daily pivot-point)
S3: 0.7000 (psychological round figure mark)
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