Australian Dollar falls due to risk aversion, downside appears limited amid hawkish RBA
Technical Analysis: Australian Dollar moves below 0.6900, ascending channel
The AUD/USD pair trades near 0.6870 on Thursday. A daily chart technical analysis shows that the pair has breached below the ascending channel. This shows a weakening bullish bias. However, the 14-day Relative Strength Index (RSI) is positioned above the 50 level, supporting the bullish sentiment.
In terms of resistance, a return to the ascending channel would reinforce the bullish bias and support the AUD/USD pair to aim for the area near the upper boundary of the channel, around the psychological level of 0.7020.
On the downside, the AUD/USD pair is testing the immediate support at the nine-day Exponential Moving Average (EMA) at the 0.6865 level. A break below this level could cause an emergence of a bearish bias and lead the pair to navigate the region around its seven-week low of 0.6622.
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