22:04 UTC
Downtrend, October rebound fading · RSI 46 · price 0.69609
Lower high at 0.7068 below the September peak; price back under 0.7000 and testing the 61.8% retracement.
AUDUSD has traded in a downtrend since the early-September high at 0.7237. The rebound from the 0.6894 October low stalled at 0.7068, a lower high that sits on the descending trendline from the sept high. The RBA's hike to 4.85% on Tuesday was read as dovish and pushed the pair back below the 0.7000 round number. Price now sits on the 61.8% fib of the October rebound, below both EMA20 and EMA50, with dollar softness after the US midterms only slowing the slide.
Support: 0.6960, 0.6894
Resistance: 0.7000, 0.7068, 0.7237
What it said to watch
- Daily close below the 61.8% fib at 0.6960 opens a retest of the october low at 0.6894
- Reclaim and hold of the 0.7000 round number would neutralise this week's post-RBA breakdown
- Close above the october high at 0.7068 breaks the lower-high sequence and the descending trendline
- Australia Trade Balance Thu 00:30 UTC and US NFP Fri 13:30 UTC could materially shift this read