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AUD/USD has 0.72-0.73 in Sight

The AUD/USD found support last week just above 0.69. Price action has since flattened the prevailing bearish mode, and is actually showing a bullish correction outlook in the 4H chart.

AUD/USD 4H Chart 9/11
(click to enlarge)

The 4H chart shows price making a higher low and a pending higher high. Price is above the 5-period simple moving average .However, it is still under the 200- and 100-period SMAs, and the RSI is still holding under 60. The fact that price is around 0.71 and the 100-period SMA is providing some resistance here. If price falls back below 0.70, the bullish correction scenario might be over. 

However, if price stays above 0.70 and climbs above 0.71, we should anticipate a short-term bullish correction to the 0.72-0.73 area, which involves a support/resistance pivot area and the 200-period SMA.