AUD/USD grinds higher past short-term support line, prods key EMA resistance confluence.
RSI, MACD conditions suggest further upside of Aussie pair but concerns of 200-EMA, 100-EMA prods buyers.
Pre-RBA anxiety also restricts immediate Aussie pair moves amid indecision about no rate hike versus 0.25% rate increase.
AUD/USD bears need validation from 0.6810 whereas bulls have multiple hurdles to cross before targeting June’s peak of 0.6900.
AUD/USD aptly portrays the pre-event anxiety around the 0.6680-70 region as markets await the all-important Reserve Bank of Australia (RBA) Interest Rate Decision on early Tuesday. Adding strength to the market’s indecision could be the US holidays and recently mixed concerns about the Australian central bank’s rate hike after offering consecutive two hawkish surprises in the last.
Also read: Reserve Bank of Australia Preview: A close call, with AUD/USD vulnerable
While portraying the bullish performance of the quote, the AUD/USD pair keeps trading beyond an ascending support line stretched from the last Thursday, around 0.6650 by the press time. Also keeping the Aussie pair buyers hopeful are the bullish MACD signals and the above 50.0 levels of the RSI (14) line, not overbought.
It should be noted that the previous week’s upside break of a 12-day-old descending resistance line, now support around 0.6810, add strength to the upside bias about the pair.
Additionally challenging the AUD/USD bears are the lows marked in June around 0.6595 and 0.6580.
On the contrary, a convergence of 100 and 200 Exponential Moving Average (EMA), close to 0.6690-95, quickly followed by the 0.6700 round figure, prods the AUD/USD bulls before giving them control.
Even so, the previous weekly high of 0.6720 and multiple levels near 0.6755-60, as well as 0.6810, can challenge the Aussie pair’s further upside.
Overall, AUD/USD is likely to remain firmer further the road toward the north appears long and bumpy.
AUD/USD: Four-hour chart
Trend: Further upside expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FXStreet – https://www.fxstreet.com/news/aud-usd-price-analysis-further-recovery-hinges-of-06690-75-breakout-and-rba-interest-rate-decision-202307040020
