AUD/USD Technical Analysis: Finds decent support near 0.72 handle, upside seems limited

   •  Over the past 24-hours or so, the pair has been trending lower so alongside a downward sloping trend-channel formation on the 30-min chart.

   •  The ongoing USD upsurge, coupled with declining copper prices overshadowed today's mostly in-line Aussie second-quarter wage price index and kept exerting downward pressure on Wednesday.

   •  Oversold conditions on hourly charts helped find some support near the 0.7200 handle and a follow-through move beyond the trend-channel resistance now seems to trigger a short-covering bounce. 

   •  Further gains, however, are likely to be limited ahead of today's US monthly retail sales data and Thursday's Aussie jobs report.
 

AUD/USD 30-min. chart

Spot Rate: 0.7232
Daily High: 0.7243
Daily Low: 0.7203
Trend: Prospects for some near-term short-covering bounce

Resistance
R1: 0.7258 (50-period SMA H1)
R2: 0.7278 (R1 daily pivot-point)
R3: 0.7300 (round figure mark)

Support
S1: 0.7203 (current day swing low)
S2: 0.7188 (S2 daily pivot-point)
S3: 0.7160 (Dec. 2016 low)