Technical Analysis – AUDUSD rally looks overbought near December’s highs
Posted on June 11, 2020 at 7:46 am GMTAUDUSD has fully recovered the virus-led sell-off within a narrow upward-sloping channel but December’s peak of 0.7031 managed to stabilize the rally, preventing the bulls to hunt new highs. According to the RSI and the Stochastics the pair is overbought as the former has already topped above 70, while the latter has reversed south and below 80. Hence, downside corrections are highly likely, and traders could seek support near the supportive red Tenkan-sen line currently at 0.6860. A break lower could be trapped [..]