AUD/USD Technical Analysis: flag resistance hinders a modest recovery attempt

   •  A modest recovery attempt fails just above 50-hour SMA, also coinciding with a short-term ascending trend-channel formation on the 1-hourly chart.
   •  The channel now seems to constitute towards the formation of a bearish continuation Flag chart pattern, pointing to additional downside risk in the near-term.
   •  Diverging short-term technical indicators, however, favours some recovery and hence, could lead to a short-term bearish consolidative price-action.

AUD/USD 1-hourly chart

Current Price: 0.7400
Daily Low: 0.7369
Trend: Bearish with possibilities of some near-term consolidation

Resistance
R1: 0.7427 (overnight swing high)
R2: 0.7468 (R2 daily pivot-point) 
R3: 0.7500 (psychological round figure mark)

Support
S1: 0.7378 (ascending trend-channel support)
S2: 0.7347 (overnight swing low)
S3: 0.7304 (S2 daily pivot-point)