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.

Omkar Godbole FXStreet Contributor

Hourly chart

Spot Rate: 0.7350

Daily High: 0.7356

Daily Low: .7334

Trend: Corrective rally on cards

Resistance

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)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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