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Technical Analysis – AUDUSD slips notably below 200-period SMA
April 25, 2023 9:28 amVideo
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AUDUSD has come under renewed selling pressure, falling back below its 200-period simple moving average (SMA). Despite the latest pullback though, the pair has not posted a fresh lower low, which makes one hesitant to trust further declines for now.
Looking at momentum oscillators on the 4-hour chart, they suggest further declines may be on the cards in the short term. The RSI is below its neutral 50 line, detecting negative momentum, and is also pointing downwards. The MACD, already negative, lies below its trigger line.
Further downside pressure could open the way for the 0.6645 support level ahead of the crucial 0.6620 barrier, which has been rejected several times in the past and acted as a turning point.
On the flipside, if the bulls take control, price advances may stall initially near the 200-period SMA currently at 0.6690 ahead of the 20-period SMA, which hovers near the 0.6705 resistance level. A potential upside violation of the 50-period SMA at 0.6715 would raise the likelihood for a retest of the previous high of 0.6770, but the outlook would remain neutral.
To sum up, AUDUSD is neutral in the medium-term timeframe as it has been developing within 0.6795 and 0.6620 since the end of March, while in the short-term is bearish.
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