- The AUD/USD pair traded with a bearish bias for the fifth consecutive session on Tuesday, albeit has managed to trim a part of its early slide to 5-1/2 month lows.
- Dovish RBA monetary policy meeting minutes, showing that further monetary easing was more likely in the coming month further added to the recent bearish pressure.
However, oversold conditions on hourly charts prompted some near-term short-covering move and assisted the pair to bounce back closer to the top end of a descending trend-channel, held over the past one week or so.
Sustained move beyond the mentioned barrier might continue to fuel the recovery move and lift the pair back towards the previous multi-month lows support breakpoint, now turned resistance near the 0.6860-65 region.
Meanwhile, fears about a further escalation in the US-China trade tensions might continue to weigh on the China-proxy Australian Dollar and keep a lid on any strong follow-through recovery ahead of the FOMC on Wednesday
With oscillators on the daily chart still far from being in the oversold territory, rejection from the immediate resistance might turn the pair vulnerable to slide further towards challenging the 0.6800 handle - trend-channel support.
AUD/USD 1-hourly chart
|Today last price||0.6843|
|Today Daily Change||-0.0009|
|Today Daily Change %||-0.13|
|Today daily open||0.6852|
|Previous Daily High||0.6885|
|Previous Daily Low||0.6848|
|Previous Weekly High||0.7009|
|Previous Weekly Low||0.6861|
|Previous Monthly High||0.7062|
|Previous Monthly Low||0.6862|
|Daily Fibonacci 38.2%||0.6862|
|Daily Fibonacci 61.8%||0.6871|
|Daily Pivot Point S1||0.6838|
|Daily Pivot Point S2||0.6825|
|Daily Pivot Point S3||0.6801|
|Daily Pivot Point R1||0.6875|
|Daily Pivot Point R2||0.6899|
|Daily Pivot Point R3||0.6912|
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.