AUD/USD technical analysis: The ongoing recovery could extend further towards 0.6830 area

• The AUD/USD pair built on the previous session's strong intraday recovery from a decade low and continued gaining positive traction through the early North-American session on Thursday.
• Strong Chinese export figures, coupled with improving global risk sentiment encouraged investors to buy riskier currencies and provided a goodish lift to the China-proxy Australian Dollar.

Sustained intraday move beyond a confluence region - comprising of 100-hour SMA and 23.6% Fibo. level of the 0.7082-0.6677 recent slump - was seen as a key trigger for bullish traders and a follow-through recovery back towards reclaiming the 0.6800 round figure mark.
 
Meanwhile, technical indicators on hourly charts have been gaining positive traction and remained supportive of the ongoing bounce. However, oscillators on the daily chart are yet to catch up with the move and warrant caution before positioning for any further recovery.
 
Having said that, momentum beyond the mentioned handle might trigger some follow-through short-covering and accelerate the recovery move further towards the 0.6830 resistance - marking 38.2% Fibo. level - en-route the next major hurdle near the 0.6865-70 supply zone.
 
On the flip side, the mentioned confluence resistance breakpoint - around the 0.6770 region - now seems to protect the immediate downside and is closely followed by a horizontal support near mid-0.6700s, which if broken might negate prospects for any further near-term recovery.
 
Below the said support levels, the pair might turn vulnerable to slide towards challenging the 0.6700 round figure mark before eventually dropping back towards multi-year lows - around the 0.6680-75 region - set in the previous session.

AUD/USD 1-hourly chart