Technical Analysis: AUDUSD struggles to regain 0.7200 despite recent risk recovery

Technical Analysis: AUDUSD struggles to regain 0.7200 despite recent risk recovery

Despite following a one-week-old rising trend line, AUDUSD bulls repeatedly fail to overcome 100-bar SMA, which in turn directs the quote towards the short-term support line around 0.7155. Also acting as the key supports are Friday's low near 0.7130 and September 30 bottom surrounding the 0.7100 threshold. If at all the sellers manage to sneak in below 0.7100, March 25 peak close to 0.7085 will offer additional filter before taking AUDUSD prices to the previous month's bottom around the 0.7000 psychological magnet.

On the upside, a clear break above the 100-bar SMA level of 0.7195 will help the buyers to aim for a resistance line stretched from September 01, at 0.7270. It should, however, be noted that the mid-September peak close to 0.7345 and the last month's high of 0.7412 can lure the bulls beyond 0.7270.

Given the recently upbeat headlines suggesting a recovery in US President Donald Trump's health, after Friday's coronavirus (COVID-19) contraction, the risk barometer AUDUSD is likely to remain on the positive side.

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