In the short-term, the momentum indicators seem to be in confusion. The RSI indicator is pointing slightly north, while is holding in negative. Also, the MACD oscillator climbed above the trigger line with weak momentum. But, the stochastic oscillator created a bearish cross below the oversold levels and is moving lower.
AUD/USD Daily Forecast - 16 May
AUDUSD has reversed back down again after finding resistance at the 0.7560 barrier, achieved on Monday and holds below the 0.7800 handle. The pair completed two consecutive bearish days and remains below the 20- and 40-simple moving averages (SMAs) in the daily timeframe. However, Wednesday’s trading session started in positive territory.
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