Technical Analysis: Overbought RSI checks AUDUSD bulls despite upbeat sentiment
Having refreshed the monthly high above April 14 top, AUDUSD stays mildly positive beyond the horizontal support. However, overbought RSI conditions restrict the pair's further upside. As a result, sellers seem to be waiting for a downside break below 0.6410 to aim for the monthly support line surrounding 0.6360. However, the bulls are not expected to relinquish the control unless the quote slips below 61.8% Fibonacci retracement level of 0.6230.
During the pair's further upside, a four-day-old ascending trend line near 0.6515 will be on the bulls' radars. If at all the Aussie prices fail to register a pullback from 0.6515, March 11 high near 0.6540 and 0.6600 could entertain the buyers before pushing them to the previous month's high near 0.6685. Overall, the pair's trading sentiment remains upbeat but oscillator can trigger intermediate pullbacks.