Market News & Analysis
Beef war between Australia and China
Christophe Chevalier May 12, 2020 3:43 PM
From a technical point of view, on a daily chart, AUD/USD remains on the upside despite a slight pull back this morning. Indeed, on a longer term view, it has broken above a declining trend line and stands above its 50-day moving average (in blue) as the daily RSI stands within its buying rea. Readers may therefore consider the potential for further advance above horizontal support at 0.6250. The nearest resistance would be set at horizontal resistance at 0.6570 and a second one would be set at set at 0.6685 in extension.
Source: TradingView, GAIN Capital
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