AUD/USD Price Analysis: Consolidates recovery gains below 0.6900 after RBA's Debelle
- AUD/USD keeps pullback moves from 21-day EMA, short-term support line.
- RBA’s Debelle suggests policy support, defies negative interest rates.
- A two-week-old symmetrical triangle could question the bulls.
- 200-day EMA, a two-month-long rising trend line offers strong downside support.
AUD/USD prints 0.23% gains while taking the bids to 0.6880 during the early Tuesday. The aussie pair recently benefited from the upbeat comments from RBA Deputy Governor Guy Debelle. Earlier during the day, China’s official PMIs helped the quote to extend the previous day’s gains.
Read: RBA’s Debelle: No need for negative interest rates now
Even so, a downward sloping trend line from June 10, at 0.6930 now, could offer immediate upside barrier to the pair ahead of 0.7000 threshold.
Given the pair’s ability to stay positive beyond 0.7000, the monthly top near 0.7065 and 0.7100 round-figure might lure the bulls.
On the contrary, a confluence of 21-day EMA and an ascending trend line from June 16 restricts the pair’s immediate declines around 0.6850/45, a break of which could escalate downside pressure towards the mid-month low near 0.6775.
Though 200-day EMA and an upward sloping trend line from April 21, currently around 0.6680, could restrict the pair’s further weakness, if not then April month top near 0.6570 could return to the charts.
AUD/USD daily chart
Trend: Further recovery expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
