AUD/USD Technical Analysis: Flirting with 50-hour EMA/ascending trend-line confluence support
• The pair traded with a mild negative bias through the mid-European session, albeit has managed to hold its neck above ascending trend-line support on the 1-hourly chart.
• The mentioned trend-line, extending from Friday's swing low, coincides with 50-hour SMA and should now act as a key trigger/important pivotal point for intraday traders.
• Meanwhile, neutral technical indicators on 1-hourly/daily charts have failed to support any firm directional bias, warranting caution before placing any aggressive bets.
• Hence, it would be prudent to wait for a sustained break below the mentioned confluence support before positioning for a further slide towards 0.7060 support area.
AUD/USD 1-hourly chart