AUD/USD Technical Analysis: Sticks to intraday recovery gains above 0.7100 handle, upside seems limited

   •  The pair stalled its recent corrective slide from near one-month tops and managed to stage a goodish rebound on Friday, now building on the momentum further beyond the 0.7100 handle.

   •  The downfall over the past two weeks has been along a descending trend-channel, with renewed USD weakness prompting some end of the week short-covering bounce from the channel support.

   •  The intraday recovery now finds acceptance above 50-hour SMA and technical indicators on the 1-hourly chart have also started gaining positive traction, supporting prospects for further gains.

   •  Meanwhile, oscillators on 4-hourly/daily charts maintain their bearish bias and hence, subsequent up-move is more likely to get sold into near the trend-channel hurdle, also nearing 200-hour SMA.

AUD/USD 1-hourly chart