Ella 
With a slightly negative bias, AUD/USD finds it difficult to extend its winning streak.
MACD signals a shift in momentum towards a reversal.
The psychological level of 0.6400 serves as initial support and then the previous week’s low.
Key resistance appears to be the 21-day EMA, followed by the psychological level of 0.6450.
AUD/USD found it difficult to continue its recent streak of gains. On Tuesday, the Asian market hovered around 0.6420, which was slightly negative.
The pair came under downward pressure as Australia’s Westpac Consumer Confidence Index dropped a disappointing 1.5% in September, compared with a 0.4% drop in the previous reading. However, the dollar’s retreat supported the pair.
The pair may face initial support at the psychological level of 0.6400. A strong break below this level could put AUD/USD under pressure towards the previous week’s low of 0.6357 and the psychological level of 0.6350.
On the upside, strong resistance lies at the 21-day EMA at 0.6448, followed by the psychological level of 0.6450 and the 23.6% retracement at 0.6483.
The MACD line remains below its midline but is diverging above the signal line. This signals a possible shift in market momentum and may indicate that the recent decline may be losing momentum and a reversal is imminent.
However, AUD/USD traders may look to the 14-day Relative Strength Index, which is trading below 50, indicating bearish sentiment in the short term.
