AUD/USD Technical Analysis: Positive momentum pauses ahead of a confluence hurdle

   •  The pair stalled its strong upsurge ahead of an important confluence resistance, comprising of 100-day SMA and 23.6% Fibonacci retracement level of the 0.8136-0.7021 YTD decline. 

   •  A goodish USD rebound, following the release of stronger than expected US monthly jobs, was seen as one of the key factors prompting some long-unwinding trade from five-week tops. 

   •  However, given that the pair has found acceptance above 50-day SMA, for the first time since early April, support prospects for an extension of the recovery move from over 32-month lows. 

   •  Technical indicators on the daily chart have just started catching up with the recent positive momentum and were seen cooling off near-term overbought conditions on hourly charts.

   •  The set-up clearly points to possibilities of some dip-buying interest and adds credence to the constructive outlook, which should help limit any immediate sharp downfall.
 

AUD/USD daily chart