AUDUSD is finding strong resistance at the 0.6920 barrier, which is near the upper boundary of the short-term upward sloping channel. The RSI indicator reflects a stall in the positive momentum, as it is flattening in the bullish territory. However, the MACD is strengthening its movement above its trigger and zero lines.
To the upside, an initial important resistance region from the 0.6920 high to the four-month peak of 0.6946 could prove difficult to overrun. Conquering this, the 0.7010 resistance could halt the climb towards 0.7135.
Otherwise, if sellers manage to close decisively below the 200-day simple moving average (SMA) at 0.6830 and the 20-day SMA at 0.6770 it could deter the price from encountering the 50-day SMA at 0.6720. Marginally below this line, the 0.6690 may challenge bears’ efforts to revisit the 0.6630 support, penetrating the ascending channel to the downside.
Summarizing, AUDUSD may open the way for more increases if there is a climb above the four-month peak of 0.6946. On the other hand, a drop below 0.6690 could switch the outlook to neutral.
