Australian Dollar appreciates as US Dollar pares gains due to improved risk sentiment
Technical Analysis: Australian Dollar tests 0.6650 near the lower boundary of descending channel
The AUD/USD pair trades around 0.6650 on Tuesday. The daily chart analysis shows that the pair is trekking down along the lower boundary of the descending channel, suggesting the reinforcing of a bearish bias. Additionally, the 14-day Relative Strength Index (RSI) falls below the 50 level, confirming the ongoing bearish trend for the AUD/USD pair.
On the downside, the AUD/USD pair targets the lower boundary of the descending channel around the level of 0.6630. A break below this level could strengthen the bearish bias and lead the pair to navigate the region around the throwback support at 0.6575.
Regarding resistance, the AUD/USD pair may find the barrier around the nine-day Exponential Moving Average (EMA) at the 0.6703 level. A breakthrough above this level could weaken the bearish bias and support the AUD/USD pair to test the upper boundary of the descending channel around the 0.6750 level, followed by a seven-month high of 0.6798, reached on July 11.
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