AUDUSD: Finally A Rebound Above 50 Hour MA
AUDUSD rebounds today after 12 straight trading sessions of losses adding 0.60 percent at 0.6795, as the Reserve Bank of Australia kept interest rate unchanged at 1.00% at a record low as widely expected by markets.
AUDUSD managed to rebound from the daily low at 0.6749 to daily high at 0.6798 breaking above the 50 hour moving average at 0.6780. On the downside first support now stands at 0.6749 today’s low, a level that if breached will enhance the slide toward the 0.6740 the low from December 30, 2018. On the upside immediate resistance stands at 0.6815 the 100 hour moving average while more offers will emerge at 0.6866 the 200 hour moving average. The short term momentum for AUDUSD remains bearish for now and a move to lower levels looks possible; the RSI in the daily chart stands at 31.73 just exiting from oversold levels, so a sharp rebound can’t be ruled out.
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