AUDUSD Hovers Near The SMAs And Below 0.7300

Technical analysis of Forex market

AUDUSD has been moving sideways over the last couple of sessions, holding near the 20- and 40-day simple moving averages (SMAs) and the lower surface of the Ichimoku cloud. The MACD oscillator is advancing above its trigger line in the negative region, while the RSI is flattening around the neutral threshold of 50.

If the price jumps above the SMAs and the 0.7320 resistance level, it could open the door for the 0.7480-0.7500 restrictive area. Moving higher, the 200-day SMA at 0.7577 could halt the upside movement ahead of the 0.7615 barrier.

On the other side, the one-month bottom at 0.7169 could be a crucial barrier before touching the nine-month trough of 0.7103. More downside pressures could confirm the bearish structure, driving the price until the 0.6990 support, registered in November 2018.

To sum up, the short-term bias is neutral, while in the longer-timeframe, the outlook has been negative since February 25.