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AUD/USD Price Analysis: Intraday uptick falters near descending channel resistance

  • AUD/USD fails to capitalize on the attempted bounce from multi-month lows.
  • Traders seemed reluctant to place aggressive bets ahead of RBA on Tuesday.

The AUD/USD pair held on to its modest recovery gains through the early North-American session, albeit struggled to extend the momentum beyond the 0.6700 round-figure mark.

The recent downfall over the past one week or so has been along a descending trend-channel formation on hourly charts, which points to a well-established short-term bearish trend.

The top end of the trend-channel coincides with the mentioned handle, which should now act as a key pivotal point for short-term traders and determine the next leg of a directional move.

Meanwhile, oscillators on the 1-hourly chart, though have been recovering, are yet to gain any meaningful positive traction and add credence to the negative outlook for the pair.

This coupled with the fact that the pair remains well below its important intraday moving averages – 100 & 200-hour SMA – further support prospects for a near-term depreciating move.

However, traders seemed reluctant to place any aggressive bearish bets, rather preferred to wait on the sidelines ahead of the latest RBA monetary policy update on Tuesday.

AUD/USD 1-hourly chart

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