02, September 2016

AUD/USD (a 4-hour chart)

General overview

A positive Chinese Manufacturing PMI supported the AUD/USD pair in the Asian session on Thursday.  

Current situation

The AUD/USD was able to erase some of its losses in the Asian session on Thursday. However, when sellers returned in the European session they dragged the price down. The AUD was able to recover in the American session on the back of the weaker-than-expected U.S statistics. The resistance is at 0.7540, the support comes in at 0.7470.

The 50-EMA crossed the 100 and 200 EMAs in the 4 hours chart. All moving averages are moving downwards. MACD decreased which confirms the strength of sellers. RSI is trending towards the overbought area.

Trading recommendations

If the AUD/USD remains below 0.7540 the price may test 0.7470. Controversially, the instrument will grow to the 0.7570 region.