AUD/USD gains positive traction; lacks clear bullish signals.
AUD/USD is extending last week’s rebound above the 0.71 level but with technical indicators showing little strength at the moment, it is still questionable whether the pair has the dynamics to fully recover February’s losses in the short term. The MACD is rising steadily above its red signal line and is in negative territory, and the RSI seems to be slowing positive momentum above its 50 neutral
In case bullish forces persist, nearby resistance could be found around the 0.7200 round level, while slightly higher a more exciting battle could start between the 200-day moving average currently at 0.7266 and the previous peak of 0.7294. Should the
On the flipside, a move northward is expected to hit the area around the 23.6% Fibonacci of 0.7074. Another leg lower could open the door for the 0.70 psychological level which is significantly broken, could eventually increase selling orders towards the 0.69 and 0.68 levels before the 0.6745 bottom comes into focus.
In the medium-term, AUD/USD is stable in a neutral mode within the 0.70-0.7392 area. The flattening 50-day MA suggests that the sideway run may not change any time soon.
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