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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.

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.

AUD/USD

Overview:
    Today Last Price: 0.7242
    Today Daily change: 24 pips
    Today Daily change %: 0.333%
    Today Daily Open: 0.7218
Trends:
    Previous Daily SMA20: 0.7264
    Previous Daily SMA50: 0.7187
    Previous Daily SMA100: 0.723
    Previous Daily SMA200: 0.7402
Levels:
    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

 

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