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- AUD/USD picked up a bid after Scott Morrison won the leadership vote to become the new Australian Prime Minister.
- The relief rally has failed to take out the 200-hour moving average (MA) hurdle of 0.7290, nevertheless, it has neutralized the immediate bearish outlook.
- A convincing break above 0.73 would confirm bull reversal, while a move below the session low of 0.7238 would signal bear revival.
Hourly chart
Spot Rate: 0.7277
Daily High: 0.7290
Daily Low: 0.7238
Trend: Neutral
R1: 0.7290 (10-day moving average)
R2: 0.7316 (5-day moving average)
R3: 0.7355 (previous day’s high)
Support
S1: 0.7238 (session low)
S2: 0.7202 (Aug. 15 low)
S3: 0.7184 (61.8% Fib R of 2011 low/2011 high)
This article was originally published by Fxstreet.com. Read the original article here.