AUD/USD Price Analysis: Trades in the red, but eyes fourth straight monthly gain NEWS | 5 minutes ago | By Omkar Godbole

  • AUD/USD trades in the red amid overbought signals on the daily chart. 
  • The pair still appears set to end the month on a positive note.

AUD/USD is currently trading largely at 0.7173, representing a 0.17% decline on the day, having hit a multi-month high of 0.7197 on Wednesday. 

Despite the pullback, the pair is still up 4% on a month-to-date basis. The Aussie dollar looks set to end higher for the fourth straight month, having rallied by 6%, 2.4% and 3.57% in April, May, and June, respectively. 

The four-month winning streak is the longest since 2009 and has opened the doors for the test of a 50-month simple moving average hurdle, currently at 0.7279. 

Supporting the bullish case is the 14-month relative strength index, which has crossed above 50.00 and is hovering at the highest level since early 2018. 

However, a convincing break above the 50-month SMA may remain elusive for some time, as the 14-day RSI is now reporting overbought conditions with an above-70 print. As such, a pullback to the ascending 10-day SMA, currently at 0.7114, cannot be ruled out. 

Source from

Komen anda

Scroll to Top
Ada pertanyaan mengenai Weltrade? Hubungi team kami melalui WhatsApp di bawah atau melalui email kami [email protected].