- AUDUSD holds within trading range
- Prices rise above SMAs
- RSI indicates more gains
AUDUSD is surging after the rebound off the 0.6475 support level, surpassing the simple moving averages (SMAs) and extending its move towards the 0.6633 barrier, which is acting as the upper boundary of a short-term sideways channel.
According to technical oscillators, the MACD is holding marginally above its trigger line and near the zero level with weak momentum, while the RSI is pointing upwards, crossing above its neutral threshold of 50.
If buying interest persists and the market jumps above the strong 0.6633 resistance, the pair could touch the 0.6666 barrier, taken from the bullish spike from March 8. Above this level, the price could move towards the 0.6730 resistance and any movements higher could brighten the outlook.
On the other hand, a decline below the SMAs could drive the price until the lower boundary of the range at 0.6475 and the 0.6440 support. Steeper declines could endorse the longer-term bearish outlook at 0.6340.
In a nutshell, AUDUSD has been developing within a consolidation area of 0.6475-0.6633 over the last three months, lacking a clear direction in the short-term.
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