XM Group - Analytics

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    Technical Analysis – AUDUSD rises back above 0.70 but outlook remains bearish

    AUDUSD rose back above the key 0.7000 level early on Thursday to reach a high of 0.7066. The intra-day bias is to the upside as the RSI is above 50 in bullish territory on the hourly chart.

    On the daily chart, the market is below the Ichimoku cloud and this highlights the underlying bearish bias. Also the 50-day moving average has crossed below the 100-day moving average. Meanwhile, prices have been in a downtrend since the May 2015 high of 0.8162. Key support lies at 0.6906 and resistance at 0.7278.

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