AUD/USD Price Analysis: Remains on the defensive around 0.6530 – by lilyfinancial AUDUSD Technical Analysis Majors
buying bias following the hawkish comment from Atlanta Federal Reserve Governor Michelle Bowman supports the US Dollar and exerts pressure on AUD/USD. The major pair currently trades around 0.6531, losing 0.65% for the day.
Furthermore, the mixed economic reading from Australia and China joins the headline about geopolitical tension between Japan and China, exerts pressure on the China-proxy Australian Dollar , and caps the upside in the AUD/USD pair. From a technical perspective, AUD/USD holds below the 50- and 100-hour Exponential Moving Averages on the four-hour chart, which means further downside looks favourable for the time being.
That said, any intraday pullback below 0.6525 would expose the next contention level in the 0.6490 area . Further south, the next stop of the AUD/USD is located at 0.6460 and finally at 0.6400 . Looking at the upside, some follow-through buying towards the upper boundary of the Bollinger Band around 0.6560 will see a rally to the next barrier at the 0.6600–0.6610 zone. The mentioned level highlights the confluence of a psychological round figure and a 50-hour EMA. Following that,The Relative Strength Index stands below 50, challenging the pair’s immediate downside for the time being.
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