AUD/USD: Falls to resume after the correction

AUD/USD late March’s daily chart is suggesting the falls could resume after the correction, according to FXStreet’s analyst Yohay Elam.

Key quotes

“AUD/USD’s daily chart is pointing to more moderate downside momentum – yet the Relative Strength Index has climbed above 30 – exiting oversold conditions.”

“Support awaits at 0.60, a psychologically significant level and a temporary cap to the currency pair’s recovery. It is followed by 0.5870, a swing low during the week. The next level to watch is 0.5660.”

“Resistance awaits at 0.6130, the recovery high. It is followed by 0.63, which was a swing low in early March.”