AUD/USD (a 4-hour chart)
The commodity currencies strengthened following oil prices growth.
After testing the lowest low since September 20 the pair had a sharp recovery in the Asian session on Wednesday. The Aussie was able to reverse the majority of its losses recorded on Tuesday. However, the bullish spike was short-lived, the AUD/USD pair remained under pressure. The price faced a downward pressure at the beginning of the
MACD is in the negative area. MACD decreased which indicates the sellers’ strength. The RSI oscillator moved downwards.
The bearish trend remained intact. We believe the price will return to 0.7540 first. The next level to focus on is 0.7500.