10, August 2016

AUD/USD (a 4-hour chart)

 AUD/USD (a 4-hour chart)

General overview

National Australia Bank's Business Conditions came in negative. Besides, the market remained under pressure following oil prices decrease.

Current situation

The pair had a positive day on Tuesday. The instrument grew in an ascending channel close to its upper limit. 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 area.

The price bounced from the 50-EMA in the 1 hour chart. The 50, 100 and 200 Day EMAs extended their growth. All EMAs are pointing upwards.

Trading recommendations

The pair is overbought. We expect a short-term rebound towards 0.7600 (the 50-EMA) where the price may upside and return to the growth.