Daily Market Analysis and Forex News
AUDUSD rebounds following the RBA minutes release
Break below key support level may signal additional downside risk. Meanwhile, the 50-period SMA acts as a critical resistance level – target level for the AUD bulls.
Moving Averages (SMAs)
The 21-period SMA currently stands at 0.655540. Its downward trajectory suggests a potentially weakening bullish momentum. Moving below it could signal further downside pressure.
The 50-period SMA, slightly lower at 0.654423, may act as a critical resistance level. If the price fails to break above this moving average in the foreseeable future, it may encounter selling pressure.
The longer-term 100-period SMA sits at 0.659233, significantly higher than the current price. This divergence indicates a broader bullish trend, but the recent price action contradicts this.
Relative Strength Index (RSI)
The 14-day RSI currently stands at 40.00, placing it within the neutral zone (>70 – overbought, <30 – oversold), pointing towards the investor’s potential state of uncertainty as they await for more catalysts to act upon.
Moving Average Convergence Divergence (MACD)
The MACD value is -0.001504, indicating bearish momentum. The negative value suggests that selling pressure persists. The signal line further confirms the bearish outlook by sitting at negative -0.000561.
Support and Resistance Levels
The key immediate support level lies at 0.64797. A breach below this level could trigger further downside movement.
The key potential resistance level is the 50-period SMA, acting as a barrier for upward movement.
A sustained break above this moving average would signal potential bullish strength.
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