Technical Analysis – AUDUSD posts impressive bullish day
September 9, 2022 11:29 am
AUDUSD is posting an aggressive green day today, after the sell-off towards the eight-week low of 0.6698 on Wednesday. The pair has been developing within a downward sloping channel since June and is currently moving towards the bearish crossover within the 20- and 50-day simple moving averages (SMAs) around 0.6680.
Regarding the technical oscillators, the MACD is trying to surpass its trigger line in the negative region, while the RSI is pointing upwards towards the neutral threshold of 50, with stronger momentum than before.
Immediate resistance could come from the 0.6855 resistance and the short-term SMAs at 0.6680. A climb beyond these obstacles could send traders towards the 0.7010 barrier before battling with the descending trend line and the 200-day SMA around the 0.7135 barricade
On the other hand, a fresh tumble could take the price until the previous trough of 0.6698 and the 26-month low of 0.6680. Moving lower, the bottom from May 2020 at 0.6570 may halt bearish actions as it is overlapping with the lower boundary of the downward pattern.
Summarizing, AUDUSD is remaining within a declining mode and only a run above the channel and the 200-day SMA may switch the outlook to positive.
AUDUSD is posting an aggressive green day today, after the sell-off towards the eight-week low of 0.6698 on Wednesday. The pair has been developing within a downward sloping channel since June and is currently moving towards the bearish crossover within the 20- and 50-day simple moving averages (SMAs) around 0.6680.
Regarding the technical oscillators, the MACD is trying to surpass its trigger line in the negative region, while the RSI is pointing upwards towards the neutral threshold of 50, with stronger momentum than before.
Immediate resistance could come from the 0.6855 resistance and the short-term SMAs at 0.6680. A climb beyond these obstacles could send traders towards the 0.7010 barrier before battling with the descending trend line and the 200-day SMA around the 0.7135 barricade
On the other hand, a fresh tumble could take the price until the previous trough of 0.6698 and the 26-month low of 0.6680. Moving lower, the bottom from May 2020 at 0.6570 may halt bearish actions as it is overlapping with the lower boundary of the downward pattern.
Summarizing, AUDUSD is remaining within a declining mode and only a run above the channel and the 200-day SMA may switch the outlook to positive.
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