Australian Dollar holds gains due to hawkish RBA, eyes on US Nonfarm Payrolls
Technical Analysis: Australian Dollar remains below 0.6850, nine-day EMA
The AUD/USD pair trades near 0.6840 on Friday. Technical analysis of the daily chart indicates that the pair is positioned below the ascending channel, signaling an emergence of a bearish bullish bias. However, a move back into the channel would reinforce the bullish sentiment, as the 14-day Relative Strength Index (RSI) remains above the 50 level, suggesting that bullish momentum is still present.
Regarding resistance, the pair could test the immediate nine-day Exponential Moving Average (EMA) at 0.6857 level, followed by the lower boundary of the ascending channel at 0.6910 level. A return to the ascending channel would reinforce the bullish bias and support the AUD/USD pair to explore the area around the channel's upper boundary, at the 0.7040 level.
On the downside, the AUD/USD pair could target a psychological level of 0.6800. A break below this level could push the pair to navigate the region around its seven-week low of 0.6622, recorded on September 11.
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