Technical Analysis – AUDUSD rallies to meet 6-month high near 0.6800
AUDUSD creates higher highs and higher lows
Momentum oscillators show mixed signs
AUDUSD skyrocketed to another fresh six-month high of 0.6797 on Thursday, creating the ninth consecutive green day. Since mid-April, the pair has been developing an upward trend. However, the technical oscillators show mixed signs. The stochastic is heading south, but the RSI is crossing the 70 level to the upside.
A move higher could pave the way for a test of the 0.6870 resistance level, taken from the peak in December 2023. But first, the pair needs to overcome the psychological mark of 0.6800.
Alternatively, a downside correction may drive the market to the 0.6735 and 0.6710 support levels. Below these lines, the ascending trend line around 0.6700 and the 20-day SMA at 0.6690 may halt the bearish move.
All in all, AUDUSD has been in a strong upward trend, especially after the climb above 0.6760. A successful drop beneath the 200-day SMA at 0.6570 could switch the outlook to negative.Related Assets
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