AUD/USD is erasing the Reserve Bank of Australia (RBA) inspired losses.
The level to beat for bulls is the 0.6874 resistance.
AUD/USD daily chart
The Aussie is trading in a bear trend below its 100 and 200-day simple moving averages (SMAs). However, this month the market has been rebounding sharply.
AUD/USD 4-hour chart
After a brief dip to the 0.6827 support, the Aussie is rebounding and trading above its main simple moving averages (SMAs), suggesting bullish momentum in the near term. The Aussie will need a daily close above the 0.6874 resistance to open the doors towards the 0.6900 and 0.6930 resistance, according to the Technical Confluences Indicator.
AUD/USD 30-minute chart
AUD/USD is trading near daily highs below the 0.6874 resistance and the 200 SMA. Immediate support is seen at the 0.6848 price level, according to the Technical Confluences Indicator.