AUD/USD: Recovery no guaranteed

AUD/USD has been on the rise amid a calmer market mood. However, technically, the pair shows signs of a short-term drop, according to Yohay Elam from FXStreet.

Key quotes

“The trend in AUD/USD remains to the downside as the currency pair continues trading below the 50, 100, and 200-day Simple Moving Averages. Momentum remains to the downside while the Relative Strength Index is above 30 – outside oversold conditions.” 

“The Aussie is battling 0.6720, which was a low point in October. It is followed by 0.6680, which provided support in early February.”

“Resistance awaits at the mid-February high of 0.6750, followed by 0.6775, which capped AUD/USD earlier in the month.”