- AUD/USD pulls back from session highs, confirming a bearish divergence of RSI.
- The pair risks a deeper drop to the 50-hour SMA support.
AUD/USD has failed to take out resistance at 0.70 ahead of the all-important Reserve Bank of Australia (RBA) interest rate decision. The pair is currently trading near 0.6970, having hit highs above 0.70 two hours ago.
The pullback has established a bearish divergence of the relative strength index (RSI) on the hourly chart. A bearish divergence occurs when the indicator prints lower highs alongside higher highs on the price chart and is widely considered a sign of uptrend exhaustion.
As such, one may expect a deeper drop in the AUD/USD, possibly to the ascending 50-hour simple moving average (SMA), currently at 0.6955. On the higher side, a clear break above 0.70 would restore the intraday bullish view.
|Today last price||0.6971|
|Today Daily Change||-0.0002|
|Today Daily Change %||-0.03|
|Today daily open||0.6973|
|Previous Daily High||0.6988|
|Previous Daily Low||0.6929|
|Previous Weekly High||0.6953|
|Previous Weekly Low||0.6832|
|Previous Monthly High||0.7065|
|Previous Monthly Low||0.6648|
|Daily Fibonacci 38.2%||0.6965|
|Daily Fibonacci 61.8%||0.6951|
|Daily Pivot Point S1||0.6939|
|Daily Pivot Point S2||0.6904|
|Daily Pivot Point S3||0.688|
|Daily Pivot Point R1||0.6998|
|Daily Pivot Point R2||0.7023|
|Daily Pivot Point R3||0.7057|
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