AUD/USD Technical Analysis: Breaks through a confluence support, back below 0.74 mark

   •  Overnight goodish rebound stalls at 50% Fibonacci retracement level of this week's downfall from the 0.7480-85 supply zone. 

   •  Upbeat Chinese trade data did provide a minor lift, albeit a goodish pickup in the USD demand capped any meaningful up-move.

   •  A follow-through weakness below a confluence support comprising of 38.2% Fibo. level and 200-hour SMA points to the resumption of the prior weakening trend.

AUD/USD 1-hourly chart

Spot rate: 0.7402
Daily High: 0.7422
Trend: Turning bearish again

Resistance
R1: 0.7422 (current day swing high)
R2: 0.7457 (R2 daily pivot-point)
R3: 0.7484 (weekly tops set on Tuesday)

Support
S1: 0.7372 (S1 daily pivot-point)
S2: 0.7360 (overnight swing low)
S3: 0.7335 (horizontal zone.
 

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