AUD/USD: bearish views
AUD/USD recovered yesterday to $0.9005, but got capped by this area (see H1). In the short-term the pair seems vulnerable for a decline to $0.8890. There’s a diversion on the daily chart MACD and RSI. However, such picture is in place for already a long time, but the bulls haven’t managed to achieve a deeper correction up.
UBS says that the pair is targeting support at $0.8771. In their view, a move below this would trigger further sell-off towards $0.8545, while upside should be limited with a strong resistance at $0.9028.
ANZ is also bearish: “Despite the 4-hourly momentum appears more constructive for a meaningful correction, AUD/USD needs a breach of $0.9070 to avoid yet further declines. Slippage below $0.8925 will leave AUD firmly within the downtrend towards $0.8675/0.8550”.
Chart. H4 AUD/USD