AUD/USD Technical Analysis: A move towards 200-DMA/0.7200 mark remains a distinct possibility

   •  The pair managed to reverse an early Asian session dip to the 0.7100 neighbourhood, or 200-hour SMA and has now rallied back to three-week tops set in the previous session.

   •  Today's sharp intraday rebound clearly points to the prevalent dip-buying interest and adds credence to the overnight bullish break through the 0.7130 horizontal supply zone.

   •  Oscillators on 4-hourly/daily charts maintained their bullish bias and have again started gaining positive traction on the 1-hourly chart, reinforcing the near-term constructive outlook.

   •  Hence, a follow-through up-move, towards challenging the very important 200-day SMA hurdle near the 0.7200 handle, remains a distinct possibility amid persistent USD selling bias.

AUD/USD 1-hourly chart