AUDUSD holds above 200-SMA, but risks remain
AUDUSD looks fragile at 0.6937 as a rejection near 20-SMA warns of further weakness. A break below the 200-SMA could trigger the next bearish move.
XM Group
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62 days ago
Overview: AUDUSD was little changed around 0.6937 early on Thursday. While the pair has managed to stabilize the sell-off that started from a four-year high in the form of a bearish head and shoulders pattern, the recent break below the broader bullish channel and the subsequent rejection from the 20-SMA serve as a warning that sellers could continue to pressure the market.
Momentum: The RSI is fluctuating in the bearish area, while the stochastic oscillator is turning lower, highlighting fragile momentum.
Bearish scenario: A break below the 200-SMA at 0.6875 could reignite selling interest, initially targeting the March low near 0.6830 and then the 38.2% Fibonacci around 0.6760.
Risk: A strong recovery above the 20-SMA and a push into the 0.7000 region could attract fresh buying momentum.
XM Group
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