Mixed Fortunes For The Australian Dollar In Wednesday Trading

• 23 May 2018

EUR/AUD

The EUR/AUD pair is recovering after a month long sell-off. A doji candle signaled the reversal which has been followed by a larger bullish candle. The pair is approaching the 1.563 price level and break would prove significant. RSI confirms the reversal with a break of the 30 support level.

Impact event: RBA Governor Lowe is due to speak at 11:00 GMT+3 and remarks will likely impact all AUD pairs.

AUD/CHF

The AUD/CHF pair is testing the low price SMA having broken the 0.753 price level to the downside. RSI has a downwards trajectory to support the bearish sentiment.

GBP/AUD

After reaching oversold conditions, the GBP/AUD pair is making a recovery and turning more bullish with the 1.787 price level the next likely target for buyers.  RSI has pulled away from oversold conditions in support of the reversal.

AUD/USD

The AUD/USD pair has broken the high price SMA to the upside in the process of a moderate bullish move. MACD is also turning more bullish with an imminent break of the zero line.