AUD/USD Price Analysis: Turns neutral, bulls likely to target 0.6400 mark

• AUD/USD has managed to recover a major part of its early slide to the 0.6335 region.
• The technical set-up support prospects for a move towards reclaiming 0.6400 mark.

The AUD/USD pair traded with a mild negative bias through the early European session, albeit has managed to recover around 20-25 pips from daily swing lows. The intraday pullback showed some resilience below 200-hour SMA, around the 0.6335 region, which should now act as a key pivotal point for intraday traders.

Meanwhile, technical indicators on the 1-hourly chart – though seemed to have lost the upside momentum – have still managed to hold in the bullish territory. This coupled with the fact that oscillators on 4-hourly/daily charts have just started gaining traction now seemed to support prospects for additional gains.

Hence, a fresh attempt towards conquering the 0.6400 round-figure mark, or 1-1/2 week tops set in the previous session, remains a distinct possibility.

On the flip side, failure to defend daily lows might prompt some technical selling and turn the pair vulnerable to slide back below the 0.6300 round-figure mark. The downfall could further get extended towards an intermediate strong horizontal support near the 0.6270 region en-route weekly lows, around mid-0.6200s.

AUD/USD 1-hourly chart

Technical levels to watch