Technical Analysis: AUDUSD

AUDUSD hit a two-week low

On Tuesday, as the USDX climbed, AUDUSD fell for the 5^th straight trading day to a 2-week low.

The USDX reached a 3-month high

On Tuesday, the USDX continued climbing and broke above the 100 mark, reaching a three-month high. It ended up 0.33% at 100.18.

The RBA kept the interest rate unchanged

On Tuesday, the RBA (Reserve Bank of Australia) kept the cash interest rate unchanged at 3.60%, meeting market expectations. The inflation rate rises slightly, domestic economy is recovering, but the economic prospect is uncertain, according to the statement from the RBA.

The bearish market trend prevailed

the Chart of the Day

On the chart of the day, AUDUSD was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, MACD went downwards after death cross occurred, showing that AUDUSD will fall further. Investors should focus on whether AUDUS will break through the support at 0.644. It will decline with potential support at 0.637 if it breaks below 0.644.

4-hour chart

On the 4-hour chart, AUDUSD was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that the market trend is bearish. Investors should focus on whether AUDUSD will break through the resistance at 0.648. It will fall if it rebounds but is capped at 0.648.

Key resistance: 0.648,0.652

Key support: 0.644,0.637

Generally speaking, the bearish market trend prevailed in the short term. Investors should sell as AUDUSD rebounds during the day.