Technical analysis: Sellers persist as Aussie approaches key level
The Relative Strength Index (RSI) now sits below 50 and points downwards, indicating negative momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) prints steady rising red bars hinting at persistent selling pressure.
The short-term outlook has turned negative as the pair fell below the 20-day Simple Moving Average (SMA) toward 0.6613, indicating a loss in buying steam. As sellers continue to advance, the area of 0.6560-0.6550 where the 100 and 200-day Simple Moving Averages (SMAs) converge might be retested.
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