Bearish pressure continues on the Australian Dollar as the US Dollar rebound extends

January 19, 2022 - 4 months ago
Share on twitter
Share on facebook
Share on linkedin
Share on email

The Australian Dollar bears continue to focus on the key support at US$0.7160, after the long weekend in the USA failed to improve the mood of traders, as the latest wave of bearish pressure emerges against its counterpart, the USD as the recent rebound extends to an intraday high of +0.62% to 95.70.

The U.S. market was closed on Monday in observance of Martin Luther King Jr. Day.

Investors are now pricing in a better than 86% probability that the U.S. Fed will raise short-term rates at its meeting of policymakers in March.

Based on the technical assessment, the Relative Strength Index (RSI) 3-daily ‘lookback’ indicator is negative, while the Moving Average Convergence Divergence (MACD) supports a weak negative signal.

A decisive break of US$0.7160 would expose the key support region of US$0.7090. Reassess from there.

Renewed upside attempts should find the resistance around the 60-day Simple Moving Average (SMA) at US$0.7235-50.

Share on twitter
Share on facebook
Share on linkedin
Share on email