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FX.co ★ Technical review for AUD/USD: price is likely to increase, but will be limited

Technical review for AUD/USD: price is likely to increase, but will be limited

AUD/USD is recovering from yesterday's decline, thanks to the growing demand in stock markets and the local weakening in dollar. It appears that investors already factored into prices the expected 0.50% rate hike of the Fed in June, which may lead to the closing of short positions in the stock markets and profit-taking in dollar.

technical picture:

The quote is below the middle line of the Bollinger indicator, above the SMA 5, but below the SMA 14. Meanwhile, both the relative strength index (RSI) and stochastic indicator are out of the oversold zone and are rising.

Possible dynamics:

A rise above 0.6910 will lead to a local rebound to 0.7035.

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Technical review for AUD/USD: price is likely to increase, but will be limited

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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