The Australian Dollar (AUD) rebounded from 0.6130, its lowest level since April 2020, to reach 0.6180 on Tuesday, buoyed by firm commodity prices and a slight improvement in market sentiment. Despite this partial comeback, the pair still remains vulnerable amid a dovish Reserve Bank of Australia (RBA) and an uncertain local economic outlook.
Daily digest market movers: Aussie sees some light after soft PPI data from the US
AUD/USD technical outlook: Bulls eye 20-day SMA as pair hovers near oversold territory
The Relative Strength Index (RSI) stands at 42, rising sharply but still in negative territory, while the Moving Average Convergence Divergence (MACD) histogram prints flat red bars, indicating only modest relief for bulls. While the Aussie has managed to halt its latest losing streak, the pair remains near April 2020 lows. Any sustained recovery may require a clear break above the 20-day Simple Moving Average (SMA), which is currently acting as a barrier to further upside.More By This Author:Silver Price Forecast: XAG/USD Struggles Near $29.65 Area, Seems Poised To Weaken Further US Dollar Index Price Forecast: Sits Near Two-Year Peak, Above 109.00 Ahead Of US NFPAustralian Dollar Weakens On Muted Australian Data, China CPI Miss
