Technical Analysis: AUDUSD

AUDUSD climbed for two consecutive days

On Tuesday, AUDUSD rose for the second straight trading day and broke above the 0.710 mark. It ended up 0.46% at 0.7104.

The RBA increased the interest rate by 25 basis points

On 17^th March, the RBA (Reserve Bank of Australia) increased the benchmark interest rate by 25 basis points to 4.10%, meeting market expectations. It raised the interest rate for the second straight time.

The USDX rose and then fell

On Tuesday, the USDX climbed and then fell. It reached the 100 mark for some time. Afterwards, it lost all its gains and then continued falling. It ended down 0.25% at 99.55.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, AUDUSD broke above the insidebar pattern yesterday. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that AUDUSD will rise further. Investors should focus on whether AUDUSD will break through the resistance at 0.719. It will jump with potential resistance at 0.725 if it breaks above 0.719.

4-hour chart

On the 4-hour chart, AUDUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors could focus on whether AUDUSD will break through the support at 0.708. It will jump if it retreats but is stable above 0.708.

Key resistance: 0.719,0.725

Key support: 0.708,0.702

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as AUDUSD retreats during the day.