Australian Dollar remains subdued due to rising concerns over China economy
Technical Analysis: Australian Dollar rises to 0.6750; next barrier at seven-month highs
The AUD/USD pair trades near 0.6750 on Tuesday. Technical analysis of the daily chart indicates that the pair has broken above the upper boundary of a descending channel, indicating a weakening of a bearish bias. Additionally, the 14-day Relative Strength Index (RSI) is positioned slightly above the 50 level, suggesting a shift in momentum from a bearish to a bullish trend.
Regarding the upside, a breach above the descending channel has triggered a bullish bias for the AUD/USD pair. This could push the pair toward its seven-month high of 0.6798 and test the psychological level of 0.6800.
On the downside, the AUD/USD pair could find immediate support around the nine-day Exponential Moving Average (EMA) at the 0.6719 level, followed by the upper boundary of the descending channel at 0.6690. A return to the descending channel would reinforce the bearish bias and lead the pair to navigate the region around the throwback support zone near 0.6575, followed by the lower boundary of the descending channel at 0.6550 level.
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