Range Markets

  • AUD/USD pulls back from the multi-year high of 0.7908. 
  • The hourly chart indicators show scope for a deeper drop.

AUD/USD now trades largely unchanged on the day near 0.7875, having put in a multi-year high of 0.7908.

The hourly chart shows a bearish divergence of the Relative Strength Index (RSI). Further, the hourly chart MACD histogram has crossed below zero, indicating a bearish reversal.

Hence, the AUD could see a further decline toward 0.7850, under which the focus would shift to the 50-hour Simple Moving Average, currently at 0.7803.


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