Technical Analysis – AUDUSD rekindles positive sentiment; confronts heavy upside obstacle
Posted on October 1, 2020 at 6:47 am GMTAUDUSD is encountering tough resistance at the 0.7192 mark after bouncing off the lower band of the cloud that merged with the 100-day simple moving average (SMA), around 0.7005. This fortified barrier coincides with the ceiling of the cloud and is encapsulated by the flattened Ichimoku lines. Nonetheless, the governing tone of the 50-and 100-day SMAs continues to aid the bullish structure. The short-term oscillators also reflect the pickup in positive momentum. The climbing RSI has reached its neutral threshold, [..]