AUD/USD, GBP/AUD May Still Make Breakout Progress Despite U-turns

Talking Points – AUD/USD, GBP/AUD, RSI Divergence, Price Breakouts

  • Australian Dollar experienced cautious gains against its major counterparts last
  • AUD/USD and GBP/AUD see turnarounds, but progress was rather restrained
  • Major technical barriers holding prevent a shift in their original technical views

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AUD/USD Technical Outlook: Bearish

After achieving a breakout which resulted in a new 2018 low last week, the Australian Dollar struggled making further progress to the downside against its US counterpart. Looking at the weekly chart below, positive RSI divergencepointed out previously ended up being a precursor to a slight reversal. However, AUD/USD remains restrained by key near-term resistance levels that prevents a shift in the technical outlook for the week ahead.

AUD/USD Weekly Chart

AUD/USD, GBP/AUD May Still Make Breakout Progress Despite U-turns

When taking a closer look at the AUD/USD daily chart, immediate resistance is a combination of two critical technical barriers.

Article source: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2018/10/12/AUDUSD-GBPAUD-May-Still-Make-Breakout-Progress-Despite-U-turns.html