AUD/USD Technical Analysis: Aussie bulls showed resilience near 2-1/2 week old ascending trend-line

   •  The pair stalled this week's rejection slide from the 0.7200 handle and managed to stage a goodish bounce from support marked an ascending trend-line extending from Feb. 11-12.

   •  The recovery move lacked any obvious catalyst and could be solely attributed to some short-covering from slightly oversold conditions on the 1-hourly chart amid a modest USD pull-back.

   •  Meanwhile, technical indicators on hourly/daily charts are yet to catch up with the positive momentum and thus, warrant some cautions for bullish traders before placing any aggressive bets.

   •  The up-move seems more likely to run out of steam, rather meet with some fresh supply near 50-period and 200-period SMA on the 4-hourly chart, around the 0.7140-50 supply zone.

AUD/USD 1-hourly chart