AUD/USD Technical Analysis: Bullish RSI divergence is seen on hourly chart
|- The bullish price-relative strength index (RSI) divergence seen in the hourly chart indicates scope for a minor corrective rally to falling (bearish) 10-day moving average (MA) hurdle, currently located at 0.7392.
- Also, the hourly RSI has diverged in favor of the bulls at a time when the spot is trading at the key support of 0.7327 - 61.8 percent Fibonacci retracement of Jan 2016 low - Jan 2018 high.
- The primary trend remains bearish as indicated by the downward sloping 5-week and 10-week MA.
Hourly chart
Spot Rate: 0.7350
Daily High: 0.7356
Daily Low: .7334
Trend: Corrective rally on cards
R1: 0.7361 (resistance on hourly chart)
R2: 0.7383 (falling 50-hour MA)
R3: 0.7392 (falling 10-day MA)
Support
S1: 0.7327 (61.8% Fib R of Jan 2016 low - Jan 2018 high)
S2: 0.7234 (July 2015 low)
S3: 0.7160 (December 2016 low)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.