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Technical Analysis – AUDUSD enjoys RBA’s boost but risks remain
May 2, 2023 1:27 pmVideo
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AUDUSD cheered up after a surprise 25bps rate hike from the Reserve Bank of Australia (RBA), rising to an almost two-week high of 0.6716 in the aftermath.
The pair pivoted northwards after forming a hammer candlestick near its March low of 0.6563, though some caution is still warranted, as January’s tentative resistance trendline is within breathing distance at 0.6725. The 200-day simple moving average (SMA) and the 38.2% Fibonacci of the 0.7660-0.6169 downleg are adding extra importance to the region. If the bulls claim the latter and push above 0.6780, the price may advance towards the 23.6% Fibonacci level of 0.6923.
In the event the bears retake control below 0.6630, the spotlight will shift again to the crucial support zone of 0.6565-0.6525. Breaching that floor, the sell-off may expand to 0.6410, while a steeper decline could retest the 0.6350 area ahead of the 0.6270 mark.
Note that the RSI and the MACD have not entered the bullish area yet despite edging softly up.
All in all, AUDUSD has not escaped sellers’ attention despite its latest upturn. For a bullish short-term bias, the pair will need a sustainable extension above 0.6780.
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