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Technical Analysis – AUDUSD battles with 50-SMA and ascending trendline
March 28, 2023 3:27 pmVideo
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AUDUSD had been in a steady uptrend in the four-hour chart, trading within an upwards sloping channel. However, the price recently broke below this bullish pattern, while its attempts for recovery have encountered strong resistance at the 50-period simple moving average (SMA) and the lower boundary of the ascending channel.
The short-term oscillators are indicating a cautiously bullish near-term tone. Specifically, the RSI has crossed above its 50-neutral mark and the MACD histogram is strengthening above its red signal line but remains slightly below zero.
Should the pair manage to surpass the 50-period SMA, immediate resistance could be met at the recent high of 0.6693. Failing to halt there, the price may ascend towards 0.6729 before the March peak of 0.6758 gets tested. A break above the latter could open the door for the 0.6783 hurdle.
In case the congested resistance region holds strong and the price retraces lower, the 0.6668 territory could act as the first line of defence. Sliding beneath that floor, the pair might test the recent low of 0.6624. Any further declines could cease at the 0.6589 barrier.
In brief, AUDUSD is currently in a crucial territory as any break above the 50-period SMA would enable it to re-enter its bullish setup. Nevertheless, the pair might also suffer severe losses if the negative scenario materialises.
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