AUD/USD: Critical battle line at 0.60

AUD/USD early April's daily chart is showing that bears are in control, according to FXStreet’s analyst Yohay Elam.

Key quotes

“Bears are in control as AUD/USD trades below the 50, 100, and 200-day Simple Moving Averages, and momentum remains to the downside. Moreover, the Relative Strength Index is above 30, outside oversold conditions.”

“The psychologically significant 0.60 level is of high importance and remains a critical battle line. The round 0.61 marks provided some support in late March. It is followed by the recent peak of 0.6210.”

“Support awaits at 0.5870, a swing low in late March. The next significant cushion is only at 0.5660, a low point in mid-March.”