- AUDUSD bulls appear to lack follow-through above 0.7300.
- Hourly RSI stays bullish and points north, allowing more upside.
- Bearish crossover on the hour sticks warrants some caution.
AUDUSD has recaptured the 0.7300 level amid a risk-on market profile, fuelled by the coronavirus vaccine progress and a green light given to US President-elect Joe Biden with his White House transition.
The aussie struggles to extend the upside despite the RBA Deputy Governor Guy Debelle ruling out a rate hike for at least three years and downplaying negative rates expectations.
From a technical perspective, the setup on the hourly chart suggests that the major is likely to hard time dealing with the sellers before it resumes the recent uptrend above 0.7350.
The hourly Relative Strength Index (RSI) holds higher above the midline, currently at 60.71, suggesting that there is additional room to the upside.
The bulls need a daily closing above the previous critical hurdle of 0.7340 to unleash the further upside towards Monday’s high of 0.7357.
However, the bearish crossover, with the 21-hourly moving average (HMA) piercing the 50-HMA from above, indicates that it may not be a joyful ride for the bulls.
Relevant support for the pair awaits at the upward-pointing 50-HMA at 0.7306, below which the 100-HMA could be tested at 0.7300.
Further south, the horizontal 200-HMA at 0.7290 will challenge the bears’ commitment, with the daily low of 0.7282 on the sellers’ sight.
AUDUSD: Hourly chart
AUDUSD: Additional levels
|Today last price||0.7319|
|Today Daily Change||0.0037|
|Today Daily Change %||0.51|
|Today daily open||0.7284|
|Previous Daily High||0.7357|
|Previous Daily Low||0.7264|
|Previous Weekly High||0.734|
|Previous Weekly Low||0.7254|
|Previous Monthly High||0.7244|
|Previous Monthly Low||0.7002|
|Daily Fibonacci 38.2%||0.73|
|Daily Fibonacci 61.8%||0.7322|
|Daily Pivot Point S1||0.7246|
|Daily Pivot Point S2||0.7209|
|Daily Pivot Point S3||0.7154|
|Daily Pivot Point R1||0.7339|
|Daily Pivot Point R2||0.7394|
|Daily Pivot Point R3||0.7431|
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.