AUD/USD Technical Analysis: Aussie bulls gaining ground and trying to break 0.7200 resistance

AUD/USD main bear trend is in pullback mode for the sixth consecutive day.
AUD/USD is finding support at the 0.7144 level and the 50-period simple moving average while the RSI, MACD and Stochastics indicators are pointing to more gains. Bulls need to have a sustained break above the 0.7200 figure in order to reach 0.7294 (August 13 high) and 0.7383 (August 21 high).
A break below 0.7144 (September 5 low) would likely invalidate the bullish bias.

Flavio Tosti Independent Analyst

AUD/USD 4-hour chart

Spot rate: 0.7210
Relative change: 0.47%
High: 0.7223
Low: 0.7143

Main trend: Bearish
Short-term trend: Bullish

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
Resistance 5: 0.7383 August 21 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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