02, June 2016

AUD/USD (a 4-hour chart)

AUD/USD (a 4-hour chart)

General overview

The Australian dollar rose to the two-week high. The latest economic reports showed a growth of the national economy in the first quarter above expectations. The strong economy reduced the possibility of the further rate cuts by the Australian Central Bank.

Current situation

The Australian dollar remained positive against to the US dollar. Buyers met the sellers’ resistance at around 0.7270. The pair could not break above this level. The AUD/USD consolidated and lead multidirectional trades. The resistance is at the level of 0.7270, the support lies at 0.7140.

MACD is in a positive area. The signal line is in the histogram. The MACD signal is bullish. RSI approached the overbought level of 70.

Trading recommendations

The buyers need to break above 0.7270 for a steady growth. The way to the mark 0.7400 will be opened after this breakthrough.