AUDUSD: Short term bullish, long term still bearish!

FX:AUDUSD   Australian Dollar / U.S. Dollar
1544 4 36
The AUDUSD             retested 0.7200 support level before bouncing higher again, forming a bullish hammer candlestick pattern at the 50-days SMA . Meantime, the overall bias in the short term remains bullish to sideways as the price could be moving in a slightly rising channel as shown on chart.

The hammer at support suggests a move higher is likely in the near term. We could retest 0.7390 previous high and may extend towards the next resistance at 0.7440 which coincides with the 200-days SMA . If we reach that area, I will be watching for a bearish confirmation signal to go short.

A break back below 0.7170 may negate this bullish scenario.

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