AUDUSD is still developing below the penetrated medium-term uptrend line with strong resistance being also the 200-day simple moving average (SMA) at 0.6790. In trend indicators, the 20- and the 50-day SMAs posted a bearish crossover, confirming the recent bearish move after the pullback off the eight-month high of 0.7160.
The MACD oscillator is losing momentum beneath its trigger and zero lines, while the RSI is pointing down in the negative territory, both indicating more losses.
Should the pair stretch south, the low of 0.6690 could provide immediate support before the pair touches the 0.6630 bottom. A significant step lower could bring the bearish sentiment back into play, sending the price probably towards 0.6580, which was a strong barrier back in November 2022.
On the flip side, the 200-day SMA currently at 0.6790 and the 0.6857 resistance, which overlaps with the 20-day SMA, may halt upside movements. If traders continue to buy the pair, the price could rise until the 0.7030 resistance and the long-term downtrend line at 0.7100.
In the short-term picture, AUDUSD has been trading bearish after the close below the uptrend line. Still, if the pair manages to cross above 0.6790, the bearish outlook could switch into a bullish one.
