Australian Dollar rises due to hawkish sentiment surrounding upcoming RBA policy decision
Technical Analysis: Australian Dollar remains above 0.6800 as it attempts to return to ascending channel
The AUD/USD pair trades near 0.6820 on Monday. Technical analysis of the daily chart indicates that the pair is testing the lower boundary of the ascending channel pattern, suggesting a weakening bullish bias. However, the 14-day Relative Strength Index (RSI) is still above 50, so further price movement of the area of the contest will provide a clearer indication of the pair’s trend.
With the AUD/USD pair currently testing the lower boundary of the ascending channel near the nine-month high of 0.6839 reached on September 19, a bounce above this level could propel the pair toward the upper boundary of the ascending channel, around the 0.6890 level.
On the downside, the AUD/USD pair may find support around the nine-day Exponential Moving Average (EMA) at 0.6771, with the next key support at the psychological level of 0.6700. A break below the latter could lead the pair toward its six-week low at 0.6622.
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