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AUD/USD Technical Analysis: Corrective slide tests ascending trend-line/50-hour SMA confluence support

• The pair erased a major part of its early gains to near one-month tops and has now dropped to test a short-term ascending trend-line support, held over the past three trading session.

• The mentioned support coincides with 50-hour SMA and hence, a sustained breakthrough might trigger some aggressive long-unwinding trade amid a sudden turnaround in risk-sentiment.

• Technical indicators on the 1-hourly chart have just drifted into negative territory but have managed to hold with a bullish bias on 4-hourly/daily charts, warranting caution for bearish traders.

• Hence, it would be prudent to wait for a convincing breakthrough the confluence support before tradres start positioning for any further intraday decline/near-term corrective slide.

AUD/USD 1-hourly chart

AUD/USD

Overview:
Today Last Price: 0.7202
Today Daily change: 18 pips
Today Daily change %: 0.251%
Today Daily Open: 0.7184
Trends:
Previous Daily SMA20: 0.7095
Previous Daily SMA50: 0.7188
Previous Daily SMA100: 0.7178
Previous Daily SMA200: 0.7333
Levels:
Previous Daily High: 0.7198
Previous Daily Low: 0.7146
Previous Weekly High: 0.7125
Previous Weekly Low: 0.6684
Previous Monthly High: 0.7394
Previous Monthly Low: 0.7014
Previous Daily Fibonacci 38.2%: 0.7178
Previous Daily Fibonacci 61.8%: 0.7166
Previous Daily Pivot Point S1: 0.7153
Previous Daily Pivot Point S2: 0.7123
Previous Daily Pivot Point S3: 0.7101
Previous Daily Pivot Point R1: 0.7206
Previous Daily Pivot Point R2: 0.7228
Previous Daily Pivot Point R3: 0.7258