AUD/USD Technical Analysis: Finds acceptance above 50-hour SMA, US retail sales data eyed for fresh impetus

   •  The pair struggled to build on Friday's disappointing headline NFP-led goodish bounce from the key 0.70 psychological mark, or over two-month lows and remained capped near mid-0.7000s.

   •  Meanwhile, the uptick from a two-month-old descending trend-line seems to have found acceptance above 50-hour SMA, which has been acting as a key barrier over the past 1-1/2 week or so.

   •  Technical indicators on the 1-hourly chart have moved into the positive territory and add credence to the constructive set-up, though bearish oscillators on 4-hourly/daily charts warrant caution.

   •  Hence, it would be prudent to wait for a strong follow-through buying before confirming that the pair has already bottomed out in the near-term or positioning for any further appreciating move.

AUD/USD 1-hourly chart