AUD/USD Technical Analysis: Bullish break through a week old descending trend-line still elusive

   •  The USD ran into some offers on Thursday and helped the pair to quickly reverse an early dip, back closer to 27-month lows set in the previous session.

   •  A move back towards 100-hour SMA was seen as a positive sign, though buyers failed to show any strong conviction further beyond the 0.7200 handle. 

   •  The pair needs to decisively move beyond a short-term descending trend-line in order to establish any intraday positive trend and increase prospects for near-term recovery. 

AUD/USD 1-hourly chart

Spot Rate: 
Daily High: 0.7211
Daily Low: 0.7166
Trend: Bullish only above descending trend-line hurdle

Resistance
R1: 0.7218 (overnight swing high)
R2: 0.7236 (weekly high set on Tuesday)
R3: 0.7261 (R2 daily pivot-point)

Support
S1: 0.7175 (recent daily closing low)
S2: 0.7144 (yesterday’s 27-month low)
S3: 0.7110 (S2 daily pivot-point)