The AUDUSD 4 hour chart is showing a Breakout higher that has run into resistance at 0.7260 and come back lower to support around 0.7180. A band of narrow resistance has formed at 0.7205 and is holding price action down. A break higher above this band may look to target the high at 0.7260 once again, with the initial break higher potentially moving quickly to 0.7235/0.7240. Above the 0.72600 level buyers may look to reaction at 0.7300 for clues, followed by the recent lower high at 0.7315.
Support for the pair can be seen around 0.7180 initially followed by the 0.7160 area, which featured as the mid October highs. The 200 period 4 hour moving average is positioned at 0.7145 and may act as support for the pair. A loss of this area may see the 50 and 100 period moving averages used as support where they are currently crossing at 0.7115. The former resistance trend line at 0.7110 might also offer support for price action. The 0.7100 level has only been used as a median area in recent trading and seems to be of little value. The 0.7068 level might off support with a loss of this area setting up a dip to the low at 0.7021.
The Brent chart in the daily timeframe is showing that the supporting trend line has been broken last week at 7450.00 in a move down from resistance at 8672.25. Support above 7200.00 is holding price from falling further for the moment. A loss of this support may setup a test on previous support at 7045.25 followed by the 7000.00 area. Below this zone the 6661.50 area was used as support in April and might interest traders again. A deeper move lower might point to a dip to the 2018 low around 6150.00.
Resistance at the broken rising support trend line may prevent price from moving higher in the near term. However the 7522.30 resistance area and the 200 DMA at 7553.10 are close above this line. All of these potentially create a pocket of resistance from roughly 7400.00 to 7600.00. The 100 DMA is falling lower at 7692.65, but a break above this indicator may see a move to 8000.00 or/and the 50 DMA at 7955.00. Beyond this area a push higher may try to advance to the October high around 8672.25 to retest this years high.