Technical Analysis – AUDUSD surpasses SMAs within trading range
April 8, 2024 1:27 pm
AUDUSD lacks clear direction
MACD and RSI move horizontally
AUDUSD is moving back and forth from the short-term simple moving averages (SMAs) which are standing near the 0.6540 number. The pair is also consolidating within the 0.6485-0.6635 range with the technical oscillators confirming this view. The MACD is moving horizontally below its trigger line and near the zero level, while the RIS is ticking marginally up above the 50 level.
If the price continues to move higher, immediate resistance could come from the 0.6635 restrictive level ahead of the 0.6665 barricade. But the outlook would brighten only if the pair jumps beyond the 0.6730 hurdle.
On the other hand, if the bears take the price beneath the SMAs, then the 0.6485 support may halt negative movements. Even lower, a drop below the 0.6440 bar and the 0.6340 level could worsen the outlook to a more bearish one.
To sum up, AUDUSD has been moving sideways since January 16 and a boost is needed to drive the market higher.
AUDUSD lacks clear direction
MACD and RSI move horizontally
AUDUSD is moving back and forth from the short-term simple moving averages (SMAs) which are standing near the 0.6540 number. The pair is also consolidating within the 0.6485-0.6635 range with the technical oscillators confirming this view. The MACD is moving horizontally below its trigger line and near the zero level, while the RIS is ticking marginally up above the 50 level.
If the price continues to move higher, immediate resistance could come from the 0.6635 restrictive level ahead of the 0.6665 barricade. But the outlook would brighten only if the pair jumps beyond the 0.6730 hurdle.
On the other hand, if the bears take the price beneath the SMAs, then the 0.6485 support may halt negative movements. Even lower, a drop below the 0.6440 bar and the 0.6340 level could worsen the outlook to a more bearish one.
To sum up, AUDUSD has been moving sideways since January 16 and a boost is needed to drive the market higher.
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