AUD/USD Price Analysis: Bears Step In After RBA Decision

10 and one 10 us dollar billImage Source: Unsplash
The AUD/USD suffered significant losses in Tuesday’s session, reaching a daily low near 0.6400 with a decline of 1.05% and then stabilising around 0.6420. The Reserve Bank of Australia (RBA) hiked rates by 25 bps to 4.35% and left the door open to further increases, but the USD strength is pushing the pair downwards.In line with that, the daily chart highlights a neutral to the bearish technical outlook for the AUD/USD, as signs of bullish exhaustion become evident after last week’s rally. The Relative Strength Index (RSI) has a negative slope above its midline, indicating weakening buying pressure, while the Moving Average Convergence (MACD) lays out lower green bars. Furthermore, the pair is above the 20-day Simple Moving Average (SMA) but below the 100 and 200-day SMAs, suggesting that the bears are in control of the larger context while bulls are still resilient, holding some momentum in the shorter time frame.Indicators on the four-hour chart turned somewhat flat after sharply declining during the Asian session, indicating that the pair may face a consolidation in the short term.Supports: 0.6400, 0.6365 (20-day SMA), 0.6350.
Resistances: 0.6440, 0.6460, 0.6500 (100-day SMA).

AUD/USD Daily chart


OVERVIEW Today last price 0.6425 Today Daily Change -0.0064 Today Daily Change % -0.99 Today daily open 0.6489 TRENDS Daily SMA20 0.6367 Daily SMA50 0.6395 Daily SMA100 0.6512 Daily SMA200 0.6619 LEVELS Previous Daily High 0.6523 Previous Daily Low 0.6487 Previous Weekly High 0.6518 Previous Weekly Low 0.6315 Previous Monthly High 0.6445 Previous Monthly Low 0.627 Daily Fibonacci 38.2% 0.6501 Daily Fibonacci 61.8% 0.6509 Daily Pivot Point S1 0.6476 Daily Pivot Point S2 0.6464 Daily Pivot Point S3 0.644 Daily Pivot Point R1 0.6512 Daily Pivot Point R2 0.6535 Daily Pivot Point R3 0.6548

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