AUD/USD technical analysis: Bulls await a sustained break through 0.6935-40 hurdle

   •  The AUD/USD pair regained positive traction on Thursday and built on the overnight bounce from weekly lows, with bulls still awaiting a break through the 0.6935-40 resistance. 

   •  The mentioned region has been acting a key barrier over the past two weeks or so and should act as a key trigger for short-term bullish traders and any follow-through recovery move.

Meanwhile, the fact that the pair has managed to hold its neck above 200-hour SMA pivotal point, coupled with bullish oscillators on the 1-hourly chart support prospects for an eventual breakout and a subsequent move towards reclaiming the key 0.70 psychological mark.

On the flip side, the 0.6900 handle (200-hour SMA) might continue to protect the immediate downside, which if broken might negate any near-term positive bias and turn the pair vulnerable to slide back towards retesting multi-month lows, around the 0.6865 region.

AUD/USD 1-hourly chart