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Technical Analysis: Three-week-old support line defends AUDUSD bulls

With its third bounce off an ascending trend line from July 21, AUDUSD becomes the bulls' choice. Also strengthening the case for the further upside are upbeat Aussie employment data and broad risk-on sentiment. As a result, the pair buyers may aim for 0.7200 and the monthly top around 0.7240 as immediate targets during the additional rise. However, an upward sloping trend line from July 22 will restrict the further upside near 0.7275.

On the contrary, the pair's downside below 0.7110 support line figures can target July 24 low near 0.7060 before taking rest on a 200-bar SMA level of 0.7055. It should also be noted that the pair's declines past-0.7055 will not refrain from attacking the 0.7000 mark whereas the mid-July bottom surrounding 0.6930 can please the bears during the extra south-run.

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