AUD/USD: Edges sideways but remains negatively skewed
|AUD/USD’s positive efforts are currently being capped by the 100-period simple moving average (SMA) and the pair appears to be ranging above the 0.7600 handle. The falling 100- and 200-period SMAs are promoting a bearish tone, while the somewhat frozen Ichimoku lines and the flattening 50-period SMA are reflecting the evaporation of directional sentiment.
The short-term oscillators point to weakened positive impetus and are suggesting mixed signals in momentum. The MACD is hovering ever so slightly below its red trigger and zero lines, while the RSI is flirting with its neutral threshold of 50. The positively charged stochastic oscillator is indicating a positive preference in the price.
To the upside, buyers face direct resistance from the curbing 100-period SMA at 07633. In the event they overstep this tough boundary, the section of 0.7655-0.7686 could then attempt to impede further price improvements from unfolding. Bolstering this previously mentioned area, is the 200-period SMA at 0.7696 and the cloud’s upper band overhead at 0.7705.
If selling interest nudges the price below the 50-period SMA at 0.7622, the support band of 0.7590-0.7600 could try to dismiss any feeble push to steer even lower. However, should opposing forces prove to be weak, the pair may then target the key support base of 0.7516-0.7542. Failing to negate growing negative momentum, the price may then aim for the 0.7461 barrier.
Summarizing, AUDUSD is sustaining its neutral-to-bearish tone beneath the 0.7655-0.7686 boundary and the 100- and 200-period SMAs.
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