AUD/USD Technical Analysis: Poised to extend the positive momentum

   •  For the second straight session, the pair caught some fresh bids near the 0.7145-40 region and finally managed to break through a short-term descending trend-line resistance on the 1-hourly chart.

   •  Technical indicators on the mentioned chart continue gaining positive traction and support prospects for additional intraday gains, albeit escalating US-China trade tensions seemed to cap gains.

   •  Given that the pair has managed to hold its neck above the 0.7200 handle, a convincing break through the 0.7230 supply zone will reinforce the constructive outlook and continue fueling the positive momentum.

AUD/USD 1-hourly chart

Spot Rate: 0.7207
Daily Low: 0.7144
Trend: Bullish

Resistance
R1: 0.7229 (over one-week high set last Thursday)
R2: 0.7261 (R3 daily pivot-point)
R3: 0.7300 (round figure mark)

Support
S1: 0.7187 (descending trend-line resistance break-point)
S2: 0.7156 (200-period SMA H1)
S3: 0.7116 (S2 daily pivot-point)