AUD/USD technical analysis: Trendline support defended, retest of Tuesday's high likely

• AUD/USD's bounce from falling trendline indicates scope for a retest of Tuesday's high.
• Intraday average studies have bottomed out or shed bearish bias.

AUD/USD looks set to revisit the high of 0.7048 seen on Tuesday, having bounced up from the support of the descending trendline breached yesterday.

The 4-hour chart RSI is now reporting bullish conditions with an above-50 print. Further, major hourly chart averages have bottomed out. Notably, the 50-hour MA has crossed the 100-hour MA from below, confirming a bullish crossover. Also, the daily chart is reporting a bullish divergence of the relative strength index.

As a result, the Aussie dollar could remain better bid during the day ahead. A break above 0.7048 would open the doors to the 100-day MA lined up at 0.71.

4-hour chart

Daily chart

Trend: Intraday bullish