AUD/USD Technical Analysis: 100-hour SMA holds the key for bullish traders

   •  Over the past week or so, the pair has been finding decent support near 100-hour SMA, albeit the positive momentum has repeatedly failed near a short-term ascending trend-line resistance.

   •  Technical indicators on the 1-hourly chart have started drifting into negative territory, suggesting that the recent recovery move from 32-month lows might have already started losing steam.

   •  However, it would be prudent to wait for a convincing break below the mentioned support to confirm the near-term bearish outlook and the resumption of the prior depreciating trend. 

   •  Alternatively, a sustained move beyond mid-0.7100s, leading to a subsequent break through the trend-line resistance should pave the way for an extension of the recent corrective bounce.
 

AUD/USD 1-hourly chart