Technical Analysis: AUDUSD

AUDUSD climbed to a one-month high

On Tuesday, AUDUSD was prone to fluctuation and climbed. It reached 0.6644 at one point, which marked the highest level since March 8.

The expectation that the RBA will cut the interest rate fell

Housing loan increased recently in Australia, which lowered the expectation that the RBA will cut the interest rate. Investors believed that the RBA is less likely to reduce the interest rate before November. On the other hand, the forecast for the interest rate cut has been reduced to 28 basis points.

The USDX was weak

On Tuesday, the USDX was weak. It broke below the 104 mark for some time. It ended down 0.02% at 104.11.

Technically speaking, the bullish market trend prevailed in the short term\

the Chart of the Day

On the chart of the day, AUDUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing AUDUSD will rise further. Investors should focus on whether AUDUSD will break through the resistance at 0.668. It will jump further with potential resistance at 0.675 if it breaks above 0.668.

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 at a high level, showing the market trend is bullish. Investors should focus on whether AUDUSD will break through the support at 0.659. It will rise further if it retreats but is stable above 0.659.

Key resistance: 0.668,0.675

Key support: 0.659,0.655

Generally speaking, as the USDX was weak, and the expectation that the RBA will cut the interest rate decreased, AUDUSD climbed. It is more likely to rise further. Investors should focus on US CPI (March) and the Fed’s monetary policy meeting minutes during the day.