AUDUSD is defensive after reversing from a 12-day-old resistance

The RBA is anticipated to maintain its monetary policy, but a surprise move might push prices over the 200-day simple moving average.

The AUDUSD shows pre-RBA stabilization, with minor losses around 0.6630 early Tuesday. The Aussie pair is defending the previous day’s U-turn from a two-week-old resistance line ahead of the Reserve Bank of Australia (RBA) Interest Rate Decision. Not only has the AUDUSD pair reversed from a short-term resistance line, but the pair’s inability to breach the prior support level from early March. Which is now immediate resistance at 0.6655, keeps Aussie pair sellers optimistic.

Furthermore, the MACD signals appear to be losing their bullish bias. Implying that the downside move cannot be ignored. It all depends on the RBA’s willingness to match market expectations by announcing no change to its current monetary policy.

However, the 0.6600 round figures may entice intraday sellers of the Before the latest swing low near 0.6575, the AUDUSD pair.

However, the yearly low in March, around 0.6565, as well as the 0.6530-25 support zone. Comprising tops in October-November 2022, will be important to monitor in the following months.

Meanwhile, the support-turned-resistance line joins the 61.8% Fibonacci retracement levels of the pair’s March-April upside, near 0.6655-60. To limit the AUDUSD pair’s immediate upside.

Following that, the 200-SMA and the 50% Fibonacci retracement level near 0.6685-90 could pose a challenge to Aussie pair buyers.

AUDUSD Daily Trends