AUD/USD Price Analysis: Aussie surrenders gains
|- AUD/USD pulls back from the multi-year high of 0.7908.
- The hourly chart indicators show scope for a deeper drop.
AUD/USD now trades largely unchanged on the day near 0.7875, having put in a multi-year high of 0.7908.
The hourly chart shows a bearish divergence of the Relative Strength Index (RSI). Further, the hourly chart MACD histogram has crossed below zero, indicating a bearish reversal.
Hence, the AUD could see a further decline toward 0.7850, under which the focus would shift to the 50-hour Simple Moving Average, currently at 0.7803.
Hourly chart
Trend: Pullback
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.