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AUDUSD posts bullish days above descending channel
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20- and 50-day SMAs slope up
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MACD and RSI confirm upside move
AUDUSD is skyrocketing towards a fresh six-month high of 0.6737, breaking the downward sloping channel to the downside and surpassing the 0.6710-0.6730 region.
Technically, the MACD oscillator leapt above its trigger and zero lines, while the RSI rises above its neutral threshold of 50. The 20- and 50-day simple moving averages (SMAs) are pointing upwards as well.
The next resistance level for traders to keep in mind is the far-away 0.6870 barricade, while slightly higher, the 0.6895 mark is holding.
On the other hand, a potential decline could drive the market to retest the 0.6710-0.6730 support area. Even lower, the 0.6690 support and the 20- and 50-day SMAs at 0.6655 and 0.6635, respectively, may halt the downfall.
To sum up, AUDUSD is switching the bearish tendency in the market to bullish, and a closing day above the 0.6730 line could endorse this view.
