AUDUSD maintains a neutral bias on the daily chart at the moment, bottoming out around the key 0.7000 level after declining from the May 2015 high of 0.8162. The horizontal 50 and 100-day moving averages indicate this sideways trend in the market.
As long as prices remain above 0.7000, the outlook will remain neutral but could turn more bullish if there is a daily close above 0.7200. This would give scope to rise above the 200-day moving average to break out of the recent range and shift the current neutral bias. The rising MACD line and its move above zero suggests the outlook remains positive.
However, a break below 0.7000 would see prices retest the January low of 0.6826 and below this, the recent downtrend would resume.
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