Blog post

Technical Analysis: AUDUSD keeps five-week-old supåçport line after RBA

Despite RBA policymaker's downbeat concerns for the global economic outlook, based upon the latest coronavirus (COVID-19) resurgence, AUDUSD manages to stay positive beyond a short-term support line. The same help the bulls to keep 0.7200 on their radars with 0.7155 and 0.7185 acting as immediate upside barriers. During the quote's further rise past-0.7200, July month's top near 0.7225 and January 2019 peak surrounding 0.7300 will be in the spotlight.

On the contrary, the pair's downside break of 0.7085 support line will have additional support near 0.7075, in the form of 100-bar SMA, to keep the buyers hopeful. However, any further weakness past-0.7075, will not hesitate to aim for 0.7000 psychological magnet with the mid-July top near 0.7035 acting as an intermediate halt. It should also be noted that highs marked on June 16 and 23 around 0.6970/75 will challenge the bears below 0.7000.

Join us on FB and Twitter to stay updated on the latest market events.

Our awards

award1 award2 award3 award4 award5