Aussie technical outlook

Hourly chart

AUDUSD H1 (03-23-2016 2340).png

Rising trend line is breached, but the hourly RSI has hit the oversold territory due to which prices may flirt with rising trend line resistance, however, 4-hr RSI is still away from oversold region, but below 50.00. Hence the outlook is consolidation with downside bias.

Daily chart 

AUDUSD D1 (03-23-2016 2341).png

Failure to sustain above 0.7591 followed by a drop to near 0.75 levels has increased odds of an extension of a drop to trend line support seen around 0.7430 levels.

RSI breaching rising trend line would add credence to the view a short-term top is in place  at 0.7680 levels.

 

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