AUDUSD needs to cross 200-DMA for further upside
AUDUSD grinds near a three-month high as the RBA lifts benchmark interest rate by 0.25%, as expected. Given the RSI pullback from the overbought conditions, a monthly resistance line near 0.6740 restricts the quote’s immediate upside ahead of the key six-month-old descending trend line, near 0.6880 by the press time. Even so, the 200-DMA level around 0.6920 becomes the last defense of the pair sellers and may probe the north run afterward. In a case where the Aussie pair remains firmer past 0.6920, a run-up towards the tops marked in August, close to 0.7010 and 0.7135, will be in focus.
Alternatively, a daily closing below the the 100-DMA and July’s low near 0.6680-85 could please the AUD/USD bears. In a case where the Aussie pair remains weak past 0.6680, a south-run towards October’s peak near 0.6545 can’t be ruled out. It should be noted that the quote’s weakness past 0.6545 will make it vulnerable to challenging the yearly low surrounding 0.6170.
Overall, AUDUSD approaches the key resistances but the buyers seem running out of fuel.
Alternatively, a daily closing below the the 100-DMA and July’s low near 0.6680-85 could please the AUD/USD bears. In a case where the Aussie pair remains weak past 0.6680, a south-run towards October’s peak near 0.6545 can’t be ruled out. It should be noted that the quote’s weakness past 0.6545 will make it vulnerable to challenging the yearly low surrounding 0.6170.
Overall, AUDUSD approaches the key resistances but the buyers seem running out of fuel.