AUD/USD Technical Analysis: Tests 200-hour SMA support amid escalating US-China trade tensions

   •  The pair extended this week's rejection slide from a previous support now turned resistance near the 0.7480-85 region and dropped to test 200-hour SMA.

   •  Escalating US-China trade war fears has been one of the key factors weighing heavily on the China-proxy Australian Dollar. 

   •  With short-term technical indicators drifting back into bearish territory, the pair seems more likely to continue with its downward trajectory.

   •  The current fall could also be seen as the end of the recent corrective bounce and thus, increases prospects for the resumption of the prior weakening trend.

AUD/USD 1-hourly chart

Spot Rate: 0.7411
Daily High: 0.7456
Daily Low: 0.7404
Trend: Bearish

Resistance
R1: 0.7431 (100-period SMA H1)
R2: 0.7456 (current day swing high)
R3: 0.7486 (R1 daily pivot-point)

Support
S1: 0.7374 (S3 daily pivot-point)
S2: 0.7361 (July 5 swing low)
S3: 0.7335 (recent daily closing low)
 

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