Elliot Harris Posted October 24, 2023 Report Share Posted October 24, 2023 (edited) AUD/USD remained below the 50-day and 200-day EMAs, confirming the bearish price signal. A decline below USD 0.6300 would support a move towards the USD 0.62749 support and trend line. RBA, services PMI, and recent Middle East news guide his AUD/USD. Importantly, the trend line coincides with the support level, which could increase demand for AUD purchases. If the AUD/USD pair rises above $0.63500, the bulls will be able to run towards the resistance level at $0.63854 and the 50-day EMA. If the situation in the Middle East subsides and Australia's PMI is better than expected, demand for the Australian dollar may increase. The 14-period daily RSI value of 44.90 suggests that AUD/USD is below the $0.62749 support level and trend line before entering oversold territory (usually below 30 on the RSI scale). Edited October 24, 2023 by Elliot Harris Link to comment Share on other sites More sharing options...
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