05, August 2016

AUD/USD (a 4-hour chart)

 AUD/USD (a 4-hour chart)

General overview

The Aussie grew on the back of the negative Retail Sales in the country. The index came in worse-than-expected which did not stop the Australian dollar from resuming its growth.

Current situation

The pair held a bullish tone yesterday. The AUD/USD was climbing the whole day and reached the 0.7630 mark, the highest level since July 15th. The resistance is at 0.7700, the support comes in at 0.7600.

The indicators generate a buy signal. MACD is in the positive area. The histogram grew which indicates the buyers’ strength. RSI approached the overbought area.

The price is hovering above the 50, 100 and 200 Day EMAs in the 1 hour chart. The moving averages are moving upwards.

Trading recommendations

The pair can grow to the resistance level of 0.7700. After breaking 0.7700 the buyers may go to 0.7800.