AUD/USD pulls back from session highs, confirming a bearish divergence of RSI. The pair risks a deeper drop to the 50-hour SMA support. AUD/USD has failed to take out resistance at 0.70 ahead of the all-important Reserve Bank of Australia (RBA) interest rate decision. The pair is currently trading near 0.6970, having hit highs above 0.70 two hours ago. The pullback has established a bearish divergence of the relative strength index (RSI) on the hourly chart. A bearish divergence occurs when the indicator prints lower highs alongside higher highs on the price chart and is widely considered a sign of uptrend exhaustion. As such, one may expect a deeper drop in the AUD/USD, possibly to the ascending 50-hour simple moving average (SMA), currently at 0.6955. On the higher side, a clear break above 0.70 would restore the intraday bullish view. The AUD/USD pair has rallied by over 1500 pips over the past 3.5-months. The RBA, therefore, may talk down the Aussie dollar. The rate decision is scheduled at 04:30 GMT. Hourly chart Trend: Bearish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CNH Price Analysis: Refreshes multi-week low amid Chinese optimism FX Street 3 years AUD/USD pulls back from session highs, confirming a bearish divergence of RSI. The pair risks a deeper drop to the 50-hour SMA support. AUD/USD has failed to take out resistance at 0.70 ahead of the all-important Reserve Bank of Australia (RBA) interest rate decision. The pair is currently trading near 0.6970, having hit highs above 0.70 two hours ago. The pullback has established a bearish divergence of the relative strength index (RSI) on the hourly chart. A bearish divergence occurs when the indicator prints lower highs alongside higher highs on the price chart and is widely considered a sign of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
