AUDUSD Remains Directionless as 50-day SMA Caps Upside
AUDUSD had been trending lower within a downward sloping channel after peaking at 0.7157 in early February. Although the pair managed to escape this bearish pattern to the upside, it has been stuck in a sideways move as initially the 200- day simple moving average (SMA) and later the 50-day SMA rejected further advances.