AUD/USD Technical Analysis: Seems poised to build on post-RBA short-covering bounce

  •  RBA's neutral stance disappointed some market participants positioned for a more dovish tilt and prompted some short-covering move. 

   •  The momentum lifted the pair beyond 50-hour SMA and overnight swing high, thus paving the way for an extension of the up-move.

   •  Technical indicators on the 1-hourly chart have started gaining positive momentum and further reinforce prospects for additional gains. 

   •  However, escalating US-China trade tensions might continue to drive safe-haven flows and cap any meaningful up-move for the China-proxy Australian Dollar. 

AUD/USD 1-hourly chart

Spot Rate: 0.7221
Daily Low: 0.7188
Daily High: 0.7236
Trend: Short-term bullish

Resistance
R1: 0.7236 (current day swing high)
R2: 0.7261 (R2 daily pivot-point)
R3: 0.7282 (100-period SMA H1)

Support
S1: 0.7188 (current day swing low)
S2: 0.7166 (20-month low set on Monday)
S3: 0.7119 (S3 daily pivot-point)

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