AUD/USD Technical Analysis: Solidly bid at session highs above 0.71, but not out of the woods yet

AUD/USD is currently trading at 0.7108, having hit lows near 0.7050 earlier today. With the near 60 pip rise, the Aussie dollar has erased the major portion of the loss seen yesterday.

That said, the AUD is still not out of the woods yet and the outlook would turn bullish only after it makes a convincing move above the falling trendline resistance, currently at 0.7118, according to 4-hour chart.

The upside break of the trendline would invalidate the rounding top-like pattern created by the pair's oversold bounce the lows near 0.70 hit on March 8.

On the downside, the previous day's low of 0.7053 is the level to beat for the bears.

4-hour chart

Trend: Bullish above 0.7118