AUD/USD Technical Analysis: Positive RSI divergence seen, but break above trendline is needed to confirm ST bottom

• The relative strength index (RSI) on the 4-hour chart has diverged in the AUD-positive manner, signaling the bearish momentum has weakened.
• However, only a convincing move above the trendline sloping downwards the Aug. 28 high would confirm a short-term bullish reversal and could yield a rally to 0.202 (Aug. 15 low).
• The primary trend would remain bearish as long as the 5-week and 10-week moving averages (MAs) are trending south.

4-hour Chart

Spot Rate: 0.71

Daily High: 0.7123

Daily Low: 0.7093

Trend: Teasing a bull move

Resistance

R1: 0.7123 (5-day moving average + trendline resistance)

R2: 0.7145 (Sep. 5 low)

R3: 0.7166 (10-day moving average)

Support

S1: 0.71 (psychological support)

S2: 0.7085 (previous day's low)

S3: 0.7066 (pivot S2)