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AUDUSD creates several days of gains
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Prices added more than 3% since rebound off 200-day SMA
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Stochastic and RSI point down
AUDUSD has been hovering near its opening levels today, after the new high of 0.6838 that was posted on Thursday. The pair bounced off the 200-day SMA near the 0.6620 support level, gaining more than 3%.
According to technical oscillators, the stochastic is easing from the overbought area, while the RSI is ticking down above the 50 level. Both are indicating that the bullish momentum may weaken.
If the market has a closing session above the immediate strong resistance of 0.6820, the price may challenge the 0.6870-0.6900 resistance area.
In the negative scenario, a move beneath the 0.6765 support could help the pair to hit the 20-day simple moving average (SMA) at 0.6740 ahead of the 50-day SMA at 0.6670. Below that, traders could battle with the 200-day SMA at 0.6620.
In brief, AUDUSD continues its bullish tendency, creating higher highs, but a test of the 0.6900 would endorse the long-term upside picture.
