AUD/USD: Bears are gaining ground

AUD/USD has slipped out of the uptrend channel that has accompanied it since mid-March, and momentum on the daily chart has softened, FXStreet’s analyst Yohay Elam reports.

Key quotes

“The Aussie trades above the 50-day Simple Moving Average but below the 100 and 200-day ones.” 

“Some support awaits at 0.6370, which cushioned AUD/USD in early May. It is followed by 0.6250, a support line from mid-April.” 

“Resistance is at 0.6480, a high point in early May, followed by the post-crash peak of 0.6560.”