The Australian Dollar Has A Weak Start To The Trading Week

• 29 May 2018

AUD/NZD

The AUD/NZD pair has broken the high price SMA and is now testing the low price SMA; with a break providing weight to the downtrend.  At the same time, RSI has moved away from overbought conditions and MACD is undergoing a momentum reversal indicating there is a bearish bias.

EUR/AUD

The EUR/AUD pair is testing the 1.543 price level to the upside. RSI is moving out of oversold conditions to test the 30 support level. MACD is undergoing a momentum reversal, however, declining volume may indicate a lack of conviction from buyers.

AUD/JPY

The AUD/JPY pair has broken the 20- period EMA to the downside, with RSI heading towards oversold conditions. There appears to be further downside potential for the pair though a break of the zero line on MACD would confirm the bearish bias.

GBP/AUD

The GBP/AUD pair is moving away from oversold conditions and moving in a bullish direction. RSI has pulled away from the 30 support level and MACD has stalled in bearish territory.