- AUD/USD defends the 50-day SMA support at 0.7199.
- The bias remains bearish as RSI holds below 50.
AUD/USD is currently trading unchanged on the day at 0.7220, having found bids just below the 50-day simple moving average (SMA) of 0.7199 early Tuesday.
While the average support has been defended, the bias remains bearish, as the 14-day relative strength index is still hovering below 50.
Acceptance under the Sept. 9 low of 0.7192 would validate the bearish lower high of 0.7345 created on Sept. 16 and likely yield a deeper decline to 0.70.
A daily close above the lower high of 0.7345 is needed to put the bulls back into the driver’s seat.
Daily chart
Trend: Bearish
Technical levels