- AUD/USD is auctioning near the upper surface of the rising channel pattern.
- The asset has turned below 20 EMA, which indicates uncertainty for aussie bulls.
- The RSI (14) has slipped into a 40.00-60.00 range, which doesn’t favor an upside anymore.
The AUD/USD pair is balanced in a 0.7500-0.7536 area from Wednesday. The asset seems losing strength amid multiple failed attempts in overstepping March 28 high at 0.7540. The asset has witnessed a bearish open rejection-reverse trading session on Thursday as the asset moves higher gradually after opening around 0.7507. However, the major has faced significant offers near 0.7518 as investors prefer a ‘sell on rise’ approach.
On a four-hour scale, AUD/USD is trading near the upper surface of the rising channel whose lower end is placed from to January 28 low at 0.6966 while the upper end is plotted from the January 13 high at 0.7315.
The asset is hovering around the 20-period Exponential Moving Average (EMAs) at 0.7505.
The Relative Strength Index (RSI) (14) has shifted into a 40.00-60.00 from a bullish range of 60.00-80.00, which signals a consolidation ahead.
Should the asset drops below March 29 low at 0.7455, the major will start declining towards March 10 high at 0.7369, followed by the round level support at 0.7300.
On the flip side, aussie bulls can dictate the price if the asset surpasses March 28 high at 0.7541, which will send the asset towards the round level resistance at 0.7600, followed by the 17 June 2021 high at 0.7646.
AUD/USD four-hour chart
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