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Technical Analysis: AUDUSD steps back from 10-month high amid overbought RSI

With the overbought RSI restricting the fuel for the AUDUSD pair buyers, the quote recedes from the multi-day top. However, the pair's further downside is likely to find immediate support around 0.6930, near to January month's high. Should the sellers dominate past-0.6930, February 05 top near 0.6770 and March month high of 0.6684 could stop the sellers before pleasing them with a 200-day SMA level of 0.6660. However, an ascending trend line connecting highs marked during the April month, around 0.6865, might offer scope for the intermediate bounce.

Meanwhile, July 2019 top around 0.7080 could lure the bulls during the pair's further upside past-0.7000 round-figure. In a case where the Aussie prices remain strong beyond 0.7080, 200-week SMA near 0.7285 could lure the buyers. It's worth mentioning that the quote is currently snapping an eight-day winning streak amid overbought RSI, which in turn favors the sellers more than the otherwise.

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