- AUD/USD holds onto post Aussie Employment, RBA Bulletin losses around intraday low.
- Steady RSI, bullish chart formation keeps buyers hopeful.
- 100-SMA adds to the upside filters, three-week-old horizontal area restricts further downside.
AUD/USD holds lower ground near 0.7325, down 0.12% intraday ahead of the European trading session for Thursday.
The Aussie pair rose during the previous day but couldn’t cross the 100-SMA resistance. Even so, a one-week-old bullish chart pattern, namely falling wedge, joins sustained trading beyond a short-term horizontal support area to keep buyers hopeful.
It’s worth observing that the market’s indecision could be observed via a steady RSI line, which in turn hints at further southward grinds towards the stated horizontal area surrounding 0.7290-85 that comprises the wedge’s support line.
Should the quote drops below 0.7285, August 27 swing low near 0.7220 will be in focus as it holds the key to the previous month’s bottom surrounding 0.7100.
On the contrary, an upside break of the wedge’s resistance line close to 0.7340 needs validation from 100-SMA, near 0.7350, to confirm a theoretical north-run towards 0.7500.
During the rise, the monthly high near 0.7440 will act as a buffer.
Overall, AUD/USD consolidates weekly losses but remains on the bull’s radar.
AUD/USD: Four-hour chart
Trend: Grinds lower
