AUD/USD pares latest good points at three-month high, prints the first intraday loss in four.
200-day EMA challenges customers amid almost overbought RSI.
Previous resistance line from mid-September joins 61.8% Fibonacci retracement stage to end bears.
AUD/USD consolidates weekly positive factors round 0.6800 whilst snapping a three-day uptrend throughout Friday’s Asian session. In doing so, the Aussie pair retreats from the best stages because September thirteen whilst marking the 200-day Exponential Moving Average (EMA) as the key hurdle to the north.
Not solely the 200-day EMA however the almost overbought Relative Strength Index (RSI) line, positioned at 14, additionally challenges the AUD/USD buyers.
Hence, a pullback closer to the preceding key resistance, now aid round 0.6770, will become broadly predicted as merchants anticipate a speech from Reserve Bank of Australia (RBA) Governor Philip Lowe.
Also read: AUD/USD bulls preserve the reins above 0.6800 beforehand of RBA’s Lowe, US NFP
It’s well worth noting, however, that the quote’s weak spot previous 0.6770 guide confluence, encompassing a downward-sloping vogue line from September thirteen and 61.8% Fibonacci retracement of the August-October downside, seems challenging amid bullish MACD signals.
Even so, a every day closing under 0.6770 won’t hesitate the AUD/USD pair to drag towards the weekly low close to 0.6640.
Alternatively, the 200-day EMA stage surrounding 0.6840 restricts the Aussie pair’s on the spot upside in advance of September’s excessive close to 0.6915.
Following that, a run-up in the direction of the late August swing excessive close to the 0.7000 psychological magnet can’t be dominated out.