AUD/USD Technical Analysis: 0.7200 Mission Accomplished - Bullish reversal can extend to 0.7300 figure

Aussie bulls lifted AUD/USD to 0.7200 putting the main bear trend on hold.
Bulls regained the 50-period simple moving average but were rejected at the 100 SMA. The RSI, MACD are still bullish while the Stochastic indicator is already overbought.
All-in-all AUD/USD bulls are still in charge and an extension of the bullish reversal to 0.7300 can be on the cards if the bulls can break 0.7236 (August 24 low).

Flavio Tosti Independent Analyst

AUD/USD 4-hour chart

Spot rate: 0.7198
Relative change: 0.42%
High: 0.7231
Low: 0.7165

Main trend: Bearish
Short-term trend: Bullish correction above 0.7085, 2018 low

Resistance 1: 0.7200 figure August 15 low
Resistance 2: 0.7236 August 24 low
Resistance 3: 0.7255 August 13 low
Resistance 4: 0.7294 August 13 high

Support 1: 0.7144 September 5 low
Support 2: 0.7085, 2018 low
Support 3: 0.7000 figure
Support 4: 0.6830 January 15, 2016 low

Author

Flavio Tosti

Independent Analyst

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