AUDUSD Ticks Up after Finding Support at 0.7090

Technical analysis of Forex market

AUDUSD found strong support at the 0.7090 barrier after several red sessions. The RSI is also pointing upwards in the negative territory, while the MACD is still falling below its trigger and zero lines. The 20- and 40-period simple moving averages (SMAs) are flattening around 0.7150 and are acting as strong obstacles.

Immediate resistance hurdles are the short-term SMAs at 0.7150 ahead of the 200-period SMA at 0.7215 and the 0.7224 barrier. A successful break above these hurdles could drive the bulls until the 0.7370 level.

On the flip side, a decline underneath the 0.7090 support could endorse the selling interest until the 0.6990 line, registered on December 3.

All in all, AUDUSD has been in a descending move since October 28 and a decisive close above the 200-period SMA may switch the outlook to neutral.