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The AUD / USD is currently trading at 0.71, after peaking at 0.7060 last week.
The rebound of 40 over-sold pips could still be extended to the 5-day moving average (MA) down 07125, with the RSI on the 4H chart signaling a bullish divergence and an upward break in the trend line. In addition, the RSI on the hourly chart has moved into bullish territory above 50.00.
The rebound could, however, be short-lived, thanks to the optimistic expectations of the RBA. In addition, the Chinese yuan has erased its initial gains – the USD / CNH is currently trading at about 6.7815, after hitting a low of 6.7646 today.
More importantly, a close above 6.7945 (the highest in Friday's doji) could lead to a sharp rise in the USD / CNH. A slide in yuan is likely to accentuate bearish pressures around the Australian currency.
4 hour chart
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Trend: oversold rebound
AUD / USD
Overview:
Today Last Price: 0.7101
Today Daily change: 16 pips
Today Daily Change%: 0.23%
Today open daily: 0.7085
Tendencies:
Daily SMA20: 0.7174
Daily SMA50: 0.7156
Daily SMA100: 0.7169
Daily SMA200: 0.7283
levels:
Best Everyday Previous: 0.7107
Previous Daily Minimum: 0.706
High of the previous week: 0.7265
Previous weekly low: 0.706
Best Previous Month: 0.7296
Previous Month Low: 0.6684
Daily Fibonacci 38.2%: 0.7078
Daily Fibonacci 61.8%: 0.7089
Daily pivot point S1: 0.7061
Daily pivot point S2: 0.7037
Daily pivot point S3: 0.7014
Daily pivot point R1: 0.7108
Daily pivot point R2: 0.7131
Daily pivot point R3: 0.7155
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