AUD/USD Technical Analysis: Bulls likely to struggle near bearish flag resistance, around mid-0.7200s
• Despite last week's sharp retracement from multi-month tops, the pair showed some resilience near 50-day SMA and staged a goodish rebound from near one-month lows.
AUD/USD daily chart
• The steady recovery over the past three trading sessions has been alongside a short-term ascending trend-channel, forming a bearish flag pattern on the 1-hourly chart.
• Technical indicators on hourly charts have been gaining traction but have already lost the positive momentum on the daily chart, warranting some caution for bullish traders.
• Hence, it would be prudent to wait for a sustained move beyond the trend-channel resistance, currently near mid-0.7200s, before positioning for any further near-term gains.
• Alternatively, weakness below the trend-channel support would mark a fresh bearish breakdown and indicate that the recent positive momentum might have already ended.
Today Last Price: 0.7242
Today Daily change: 24 pips
Today Daily change %: 0.333%
Today Daily Open: 0.7218
Previous Daily SMA20: 0.7264
Previous Daily SMA50: 0.7187
Previous Daily SMA100: 0.723
Previous Daily SMA200: 0.7402
Previous Daily High: 0.7238
Previous Daily Low: 0.719
Previous Weekly High: 0.7394
Previous Weekly Low: 0.7192
Previous Monthly High: 0.7345
Previous Monthly Low: 0.7072
Previous Daily Fibonacci 38.2%: 0.722
Previous Daily Fibonacci 61.8%: 0.7208
Previous Daily Pivot Point S1: 0.7193
Previous Daily Pivot Point S2: 0.7167
Previous Daily Pivot Point S3: 0.7145
Previous Daily Pivot Point R1: 0.7241
Previous Daily Pivot Point R2: 0.7263
Previous Daily Pivot Point R3: 0.7289