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AUDUSD RSI Divergence Building on 4-hour Chart

AUDUSD RSI Divergence Building on 4-hour Chart

Christopher Vecchio, CFA, Senior Strategist

4-hour Bars

eliottWaves_aud-usd_body_Picture_5.png, AUDUSD RSI Divergence Building on 4-hour Chart

Prepared by Christopher Vecchio, Currency Analyst

The bullish RSI divergence on the hourly charts from Tuesday gave way to a quick rally to 1.0400, but failure at the round figure suggests that downside pressure remains stubbornly strong. Curiously, the declines today failed to reach corresponding channel support at 1.0305/10, also the 200-DMA. Alongside budding bullish RSI divergence on the 4-hour chart, there is scope to believe that another test of 1.0400 may be in order. A move above 1.0400 exposes channel resistance near 1.0435/40, also the 200-SMA on the 4-hour chart.

Elsewhere, near-term resistance comes in at 1.0480, 1.0530/45 (former swing highs, and would also represent a break of the downtrend off of the August 9 high), and 1.0600/15 (August high). Should we see a rally up towards 1.0600 again, another failure would market a Double Top and signal a push for a test of 1.0200/05 (100-DMA). Near-term support comes in at 1.0330, 1.0305/10 (descending trendline support, 200-DMA), and 1.0200/20 (100-DMA, 161.8% extension on August 9 high to August 17 low, measured against the August 23 high).

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.