AUDUSD (1H) - short term bearish bias
The Aussie continues on its way down after over-stretching itself during the latest rally. The RSI on the daily chart went into the over-bought area and has retreated into the neutral territory since. On the hourly chart, the pair has been pulling back in a parabolic shape after a bearish MA cross. The averages and the falling trend line act as strong resistance levels in case of a rebound. On the downside, 0.6920 on the 20-day moving average will be the immediate target.
Key support: 0.6920
Key resistance: 0.6960
The Aussie continues on its way down after over-stretching itself during the latest rally. The RSI on the daily chart went into the over-bought area and has retreated into the neutral territory since. On the hourly chart, the pair has been pulling back in a parabolic shape after a bearish MA cross. The averages and the falling trend line act as strong resistance levels in case of a rebound. On the downside, 0.6920 on the 20-day moving average will be the immediate target.
Key support: 0.6920
Key resistance: 0.6960