Technical Analysis – AUDUSD pulls back near the upper band of the sideways channel
May 9, 2023 1:25 pm
AUDUSD continues to trade within a sideways channel with upper boundary the 0.6790 resistance level and lower boundary the 0.6560 support level. Today, the price pulled back from 0.6790 with the RSI indicator turning lower too, confirming the recent negative direction in price. Though, the MACD oscillator is pointing marginally up above its trigger and zero lines.
On the upside, the price could attempt to overcome the 0.6790 barrier, which if successfully broken could open the door for the long-term descending trend line and the 0.7030 resistance.
A reversal to the downside, could find immediate support at the 200-day simple moving average (SMA) at 0.6715 ahead of the 20- and the 50-day SMAs at 0.6685. If the latter lines, which are also acting as mid-levels for the trading range, fail to halt bearish movements, the next target could be the 0.6560 barrier ahead of 0.6385, changing the bias to strongly bearish in the medium-term.
Turning to longer-term trading, the outlook is bearish over the past three months and only a decisive close above 0.7030 could change the picture to bullish.
AUDUSD continues to trade within a sideways channel with upper boundary the 0.6790 resistance level and lower boundary the 0.6560 support level. Today, the price pulled back from 0.6790 with the RSI indicator turning lower too, confirming the recent negative direction in price. Though, the MACD oscillator is pointing marginally up above its trigger and zero lines.
On the upside, the price could attempt to overcome the 0.6790 barrier, which if successfully broken could open the door for the long-term descending trend line and the 0.7030 resistance.
A reversal to the downside, could find immediate support at the 200-day simple moving average (SMA) at 0.6715 ahead of the 20- and the 50-day SMAs at 0.6685. If the latter lines, which are also acting as mid-levels for the trading range, fail to halt bearish movements, the next target could be the 0.6560 barrier ahead of 0.6385, changing the bias to strongly bearish in the medium-term.
Turning to longer-term trading, the outlook is bearish over the past three months and only a decisive close above 0.7030 could change the picture to bullish.
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