Today the Aussie marked fresh two-week high at 0.7445, but
during the US session pulled back to currently trade at 0.7414, as the
greenback trimmed losses.
Technical readings in the four-hour time frame are showing that bulls are
retreating from the intraday high. The price is moving above the 20-day SMA,
which is pointing to upwards. RSI and stochastic has corrected from overbought
territory, but both are yet well above their mid-lines.
In the short term the pair is trending higher, but in the long term bears rule
the situation until price is holding below the descendant trend line that has
started from late March’s high at 0.7749.
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