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AUD/USD Struggles for Support

The Australian dollar softened after the RBA lifted its cash rate by 25bp as expected. On the daily chart, the pair has been grinding up along the 20-day moving average. September’s high of 0.6900 may prove to be a tough level to crack. A bearish RSI divergence indicates a slowdown in the upward momentum. An initial break below 0.6800 triggered the first round of profit-taking, turning it into a fresh resistance. 0.6670 is the immediate level to gauge follow-up interests and its breach would send the aussie to 0.6580.

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