AUDUSD Rebounds Off Ascending Line After The Declining Move

AUDUSD is creating a downward movement after the bounce off the 0.7560 resistance, dropping beneath the 20- and 40-day simple moving averages (SMAs). Despite that decline, the pair found support at the short-term uptrend line and any moves below that line could endorse a negative outlook.


The stochastic oscillator is confirming the falling move, approaching the oversold territory with a bearish cross within the %K and %D lines. However, after the recent upside session, the RSI is pointing up in the negative region.


If the pair continues the selling interest below the Ichimoku cloud, immediate support could come from the one-month low of 0.7169 ahead of the nine-month trough of 0.7103.


On the other hand, a jump beyond the Ichimoku cloud could take the market towards the 40- and 20-day SMAs at 0.7374 and 0.7410 respectively. Rising further, the price could reach the 200-day SMA at 0.7530 before visiting the 0.7560 barriers.


To sum up, AUDUSD has been in a descending move over the last three weeks and only an advance above the 200-day SMA may shift this outlook to positive.


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