AUD/USD Technical Analysis: Set-up points to an extension of the intraday positive momentum

   •  The pair built on overnight rebound from 38.2% Fibonacci retracement level of the 0.7021-0.7259 last week's upsurge and was seen trending higher along a short-term ascending channel.

   •  The up-move extended further beyond the 0.7200 handle and positive technical indicators on the hourly chart remained supportive of the ongoing positive momentum. 

   •  The fact that the pair is holding above important intraday moving averages (50, 100 & 200-hour SMAs), support prospects for an extension of the intraday up-move.

   •  Despite the constructive outlook, the pair still seems more likely to remain capped below the 100-day SMA barrier ahead of the overhyped US midterm elections.
 

AUD/USD 30-min chart