13, July 2016

AUD/USD (a 4-hour chart)

AUD/USD (a 4-hour chart)

General overview

The AUD/USD presented a stable growth despite the Brexit results. The rate in the country is the one of the highest in the world and its economy is one of the most stable. The AUD also gets support from the upcoming stimulus measures in Japan.

Current situation

The Australian dollar as a commodity currency jumped as risk appetite returned to the markets. The price grew in the ascending channel and reached its upper limit. The AUD/USD broke through the level of 0.7600 upwards in the 4 hours chart. The resistance is at 0.7700, the support comes in at 0.7600.

MACD is in the positive area and continued its growth that indicates the buyers’ strength. RSI approached the overbought area that also supports upward trend.

The moving averages (50, 100 and 200) are growing in the 4 hours chart which is a buy signal.

Trading recommendations

The buyers need to break above 0.7700 for a steady growth. The way to the mark 0.7800 will be opened after this breakthrough.