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AUDUSD develops in an upward sloping channel
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RSI and MACD continue the upside move
AUDUSD is creating several green 4-hour sessions after the bounce off the 200-period simple moving average (SMA). The pair has been trading within an ascending channel since June 17, with immediate resistance at 0.6687 that failed a couple of times to break it.
Technically, the RSI indicator is standing above the neutral threshold of 50 with strong positive momentum, while the MACD is holding above its trigger and zero lines.
A move to the upside may meet resistance around 0.6687 ahead of the 0.6703 barrier, which stands near the upper boundary of the channel. The region near 0.6730 could act as an additional barrier in case of a stronger bullish movement.
Immediate support for potential declines may be taking place around the 20- and 50-period SMAs near 0.6660, while the 200-period SMA at 0.6645 could provide support in case of steeper losses. Below this line, the lower boundary at 0.6633 may be the level to pause negative moves.
At the moment, the short-term picture looks predominantly bullish, with price action taking place above all the moving average lines.
