AUD/USD Technical Analysis: Aussie consolidating recent bullish advance above 0.7200 figure

• AUD/USD main bear trend is getting challenged as the bulls want to break above the 0.7300 level, the 50-day simple moving average and the multi-month bear trendline.
• AUD/USD is consolidating the recent bullish advance as it is trading above the 0.7200 figure. The RSI indicator is above 50 and the MACD remains supportive for more gains/
• Bulls objective is to keep AUD/USD above 0.7200 and to break above the 0.7300 key level in order to create a bullish reversal of the main bear trend.

AUD/USD daily chart

Spot rate:                 0.7250
Relative change:     -0.02%     
High:                        0.7265
Low:                         0.7235

Main trend:              Bearish

Resistance 1:          0.7294-0.7307 August 13 high, 50 DMA
Resistance 2:          0.7383 August 21 high
Resistance 3:          0.7485 July 10 high

Support 1:               0.7255 August 13 low
Support 2:               0.7236 August 24 low
Support 3:               0.7200 figure August 15 low
Support 4:               0.7144 September 5 low
Support 5:               0.7085, 2018 low
Support 6:               0.7000 figure
Support 7:               0.6830 January 15, 2016 low