- AUD/USD flirts with short-term SMAs
- MACD and RSI appear negative
AUD/USD posted three consecutive red days, approaching the 20- and the 50-day simple moving averages (SMAs) slightly below 0.6300. The recent downfall in the market is confirmed by the technical oscillators as well. The MACD dropped beneath its trigger line, remaining marginally above the zero area, while the RSI is moving horizontally below the 50 area.
If the bears take the pair lower, immediate support could come from 0.6260 ahead of the near-term uptrend line at 0.6220. A fall below this line could endorse another descending move until the 0.6180 and 0.6130 levels.
In the positive scenario, a rise above the 0.6390-0.6407 restrictive region, which encapsulates the two-and-a-half-month high could send traders until the 0.6470 barrier and the 200-day SMA at 0.6515.
In brief, AUD/USD is losing some steam and only a decisive close above the 200-day SMA could support the bullish bias in the short-term view.