Technical Analysis – AUDUSD steady after several sessions of gains
April 9, 2024 7:28 am
AUDUSD bounces off 200-period SMA
RSI suggests some losses
AUDUSD created consecutive green days after the bounce off the 0.6550 support level, which overlaps with the 200-period simple moving averages (SMAs) in the 4-hour chart.
According to the technical oscillators, the RSI is moving marginally down in the positive region, while the MACD is still extending its bullish structure above its trigger and zero lines.
Should prices reverse lower, immediate support could come at the 20-period SMA at 0.6590 ahead of the 0.6560 barricade. Even lower, the 200-period SMA at 0.6550 may halt downside actions ahead of the 50-period SMA at 0.6545. A drop below these lines may switch the outlook to a neutral one.
To the upside, there is immediate resistance at the previous peak of 0.6615 just below the 0.6633 area, registered back on March 21. The next major resistance to watch is the 0.6665 hurdle, taken from the highs on March 8.
Summarizing, AUDUSD has been in a positive mode in the short-term view since the pullback off 0.6480 and only a declining movement underneath the aforementioned level may change this outlook to bearish.
AUDUSD bounces off 200-period SMA
RSI suggests some losses
AUDUSD created consecutive green days after the bounce off the 0.6550 support level, which overlaps with the 200-period simple moving averages (SMAs) in the 4-hour chart.
According to the technical oscillators, the RSI is moving marginally down in the positive region, while the MACD is still extending its bullish structure above its trigger and zero lines.
Should prices reverse lower, immediate support could come at the 20-period SMA at 0.6590 ahead of the 0.6560 barricade. Even lower, the 200-period SMA at 0.6550 may halt downside actions ahead of the 50-period SMA at 0.6545. A drop below these lines may switch the outlook to a neutral one.
To the upside, there is immediate resistance at the previous peak of 0.6615 just below the 0.6633 area, registered back on March 21. The next major resistance to watch is the 0.6665 hurdle, taken from the highs on March 8.
Summarizing, AUDUSD has been in a positive mode in the short-term view since the pullback off 0.6480 and only a declining movement underneath the aforementioned level may change this outlook to bearish.
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