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AUDUSD fails to extend bearish move
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Technical oscillators are mixed
AUDUSD rebounded off the 0.6485 support level once again, as it has been developing above this level since February 15. The technical oscillators are showing mixed signals. The RSI is pointing north below the neutral threshold of 50; however, the MACD is extending its negative momentum beneath its trigger and zero lines.
Immediate resistance for more increases could come from the 20-period simple moving average (SMA) at 0.6506 in the 4-hour chart ahead of the 50-period SMA at 0.6527. Even higher, the 0.6535 barricade and the 200-period SMA at 0.6540 may halt bullish actions.
Alternatively, if there is a successful drop below the key level of 0.6485, the 0.6475 bar could be in focus before the attention shifts to the 0.6442 support, taken from the trough on February 13. Lower, the outlook may endorse the bearish structure that started from 0.6593.
In a nutshell, AUDUSD has been in a neutral phase in the near-term but a move below 0.6485 could confirm the negative outlook in the medium-term.
