AUD/USD Technical Analysis: Bullish momentum set to challenge a descending trend-line hurdle

   •  The pair built on its post-RBA goodish rebound from sub-0.7400 level, with a modest USD retracement providing an additional boost and lifting the pair beyond the 0.7400-0.7410 supply zone. 

   •  With technical indicators on the 4-hourly chart gaining positive momentum, a follow-through up-move, towards challenging a one-month-old trend-line resistance, now looks a distinct possibility.

   •  A convincing breakthrough the mentioned barrier, leading a subsequent move beyond 0.7465-70 hurdle, would mark a bullish breakthrough near-term trading range held over the past seven weeks or so.

AUD/USD 4-hourly chart

Spot Rate: 0.7434
Daily Low: 0.7381
Trend: Bullish

Resistance
R1: 0.7451 (trend-line hurdle)
R2: 0.7484 (July 9/10 swing high)
R3: 0.7500 (psychological level)

Support
S1: 0.7400 (round figure mark)
S2: 0.7381 (current day swing low)
S3: 0.7348 (2-week low set last Friday)