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- AUD/USD Price Analysis: Treading water above 0.6400, bounces back from weekly low
AUD/USD Price Analysis: Treading water above 0.6400, bounces back from weekly low
- AUD/USD trades higher, rebounding from the weekly low marked on Thursday.
- 5-day EMA emerges as the resistance lined with 0.6450 psychological level.
- Pair could find immediate support at the weekly low aligned to 0.6350 psychological level.
AUD/USD consolidates above 0.6400 during the Asian session on Friday, rebounding from the low mark on Thursday. The Aussie might experience downward pressure as a result of the downbeat employment data from Australia released on Thursday.
The pair could face resistance around the 5-day Exponential Moving Average (EMA) at 0.6434 lined up with the 0.6450 psychological level. A break above the latter could underpin the AUD/USD pair to explore the 9-day EMA at 0.6470, followed by the 23.6% Fibonacci retracement at 0.6489.
On the downside, the weekly low at 0.6364 emerges as the immediate support aligned to the 0.6350 psychological level. The Moving Average Convergence Divergence (MACD) line stays in the negative territory of the centerline and shows divergence below the signal line, which indicates the bearish sentiment in the AUD/USD pair.
Additionally, the 14-day Relative Strength Index (RSI) continues to remain below 50, reinforcing the confirmation of the bearish bias of the AUD/USD traders.
AUD/USD: Daily Chart
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