AUD/USD is battling 0.7200, trimming a minor portion of its Asian advance, as bulls turn cautious heading into European trading. Technical Overview The AUD/USD pair advanced for a fourth consecutive day but was unable to hold on to gains and is currently hovering around the 61.8% retracement of its latest daily decline at 0.7181. Technical readings in the daily chart favor a bullish extension if the pair manages to advance beyond the daily high, as it will be surpassing the 100 SMA. Technical indicators, in the meantime, crossed their midlines into positive territory, maintaining modestly bullish slopes.
In the 4-hour chart, the pair is developing above all of its moving averages, with the 20 SMA advancing above the 100 SMA but still below a directionless 200 SMA. Technical indicators eased from their intraday highs but remain well above their midlines. Bulls have little chances unless the pair quickly recovers beyond 0.7215, the immediate resistance level.
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