The AUD/USD pair recovered some ground after falling down to the 38.2% of this year's advance earlier this week, and aims to regain the 0.7500 level, helped by a comeback in commodities and stocks. The short term picture is bullish, as in the 1 hour chart the price is now above its 20 SMA, whilst the technical indicators aim higher within positive territory. In the 4 hours chart, the technical indicators are recovering from oversold levels, but still below their mid-lines whilst the 20 SMA heads lower around 0.7540, although it will take a recovery beyond 0.7560, a strong static resistance level, to confirm a more sustainable recovery.
Support levels: 0.7450 0.7415 0.7370
Resistance levels: 0.7510 0.7560 0.7600