14, June 2016

AUD/USD (a 4-hour chart)

AUD/USD (a 4-hour chart)

General overview

The AUD/USD rose when the market received positive data from China. According to the National Bureau of Statistics of China, the Industrial Production PMI remained unchanged, its results were higher than economists' expectations. Australian Financial markets were closed for a public holiday on Monday.

Current situation

The AUD/USD decreased last week due to the dollar strengthening. The pair started with a growth the current week. The pair could reverse some of its losses. The AUD/USD was able to reach the mark of 0.7400 where the growth slowed down. The resistance stands at 0.7500, the support comes in at 0.7400.

MACD is on the zero line, the indicator does not give a signal. The indicator RSI is in the neutral area. The price is above Moving Averages (50, 100 and 200) on the 4 hour chart. The Moving Averages (50 and 200) work as a support for the pair.

Trading recommendations

The quotes bounced off the Moving Averages (50 and 200). The price may grow to the local high at 0.7500. As an alternative scenario the pair will decrease to the level 0.7270 and further to 0.7140.