AUDUSD (1H) - short term bearish bias
The Aussie struggled to close above the daily resistance of 0.6920 from last November as a sign of stiff selling pressure ahead. While the RSI ventured into the over-bought territory, the bearish divergence suggests that last week's recovery was losing steam. The breach of the major support of 0.6880 along with a bearish MA cross means that a combination of profit-taking and fresh selling is likely to keep the pair under pressure. After a few hours of consolidation, 0.6830 would be the next target.
Key support: 0.6830
Key resistance: 0.6920
The Aussie struggled to close above the daily resistance of 0.6920 from last November as a sign of stiff selling pressure ahead. While the RSI ventured into the over-bought territory, the bearish divergence suggests that last week's recovery was losing steam. The breach of the major support of 0.6880 along with a bearish MA cross means that a combination of profit-taking and fresh selling is likely to keep the pair under pressure. After a few hours of consolidation, 0.6830 would be the next target.
Key support: 0.6830
Key resistance: 0.6920