Technical Analysis – AUDUSD stands below the upward sloping channel
April 27, 2023 1:26 pm
AUDUSD lost some ground in the preceding sessions, falling beneath the short-term upward sloping channel and the simple moving averages (SMAs). Currently, the price is trying to recoup some losses and is testing the 0.6625 key level. The RSI is pointing marginally up below the 50 level; however, the MACD is holding beneath its trigger and zero lines.
More losses could open the way for a retest of the 0.6560 support and steeper decreases may drive the bears until the 0.6385 support, endorsing the medium-term negative outlook.
In the positive scenario, a rally above the 0.6625 barrier may pause the move until the 20- and the 50-day SMAs at 0.6690 before meeting the 200-day SMA at 0.6730. Stepping higher, the 0.6790 resistance and the upper boundary of the channel at 0.6820 could switch the short-term bias back to positive.
Summarizing, AUDUSD shifted the outlook back to bearish and any slips below 0.6560 could support this view. Though, a climb above the 200-day SMA could keep the near-term picture bullish.
AUDUSD lost some ground in the preceding sessions, falling beneath the short-term upward sloping channel and the simple moving averages (SMAs). Currently, the price is trying to recoup some losses and is testing the 0.6625 key level. The RSI is pointing marginally up below the 50 level; however, the MACD is holding beneath its trigger and zero lines.
More losses could open the way for a retest of the 0.6560 support and steeper decreases may drive the bears until the 0.6385 support, endorsing the medium-term negative outlook.
In the positive scenario, a rally above the 0.6625 barrier may pause the move until the 20- and the 50-day SMAs at 0.6690 before meeting the 200-day SMA at 0.6730. Stepping higher, the 0.6790 resistance and the upper boundary of the channel at 0.6820 could switch the short-term bias back to positive.
Summarizing, AUDUSD shifted the outlook back to bearish and any slips below 0.6560 could support this view. Though, a climb above the 200-day SMA could keep the near-term picture bullish.
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