03, August 2016

AUD/USD (a 4-hour chart)

AUD/USD (a 4-hour chart)

General overview

In economic news, the RBA cut the rate by 25bps to a record low of 1.50%,

Current situation

The AUD bounced from the support 0.7500 and rallied on the back of the RBA’s decision to cut the rate. The pair could escalate up to 0.7600 where its rally slowed down. The session high was marked at 0.7635. The resistance is at 0.7700, the support comes in at 0.7600.

MACD is in the positive area. The histogram grew which indicates the buyers’ strength. RSI approached the overbought territory.

The 4 hours chart shows that the instrument bounced from the 200-EMA and headed north leaving the 50, 100 and 200 EMAs behind. The moving averages are moving upwards.

Trading recommendations

We may expect a further growth towards 0.7700. Alternatively, the pair shall decrease to 0.7500.