AUD/USD Intraday: the RSI is overbought
Nov 7, 2024 3:14 PM
the upside prevails as long as 0.6650 is support.
0.6650 is our pivot point.
Our preference:
the upside prevails as long as 0.6650 is support.
Alternative scenario:
below 0.6650, expect 0.6620 and 0.6603.
Comment:
the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.6639 and 0.6606). Finally, the AUD/USD has crossed above its upper Bollinger band (0.6675).
Supports and resistances:
0.6767 **
0.6749 *
0.6731 **
0.6714
0.6678 last
0.6662
0.6650 **
0.6620 *
0.6603 **
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