17, June 2016

AUD/USD (a 4-hour chart)

AUD/USD (a 4-hour chart)

General overview

The risk assets decreased against the dollar. The results of the Fed meeting, as well as the decline of oil were the key drivers for the pair.

Current situation

The pair was falling the whole Thursday. The AUD/USD decreased from the level 0.7440 to the mark 0.7384. After setting a day low the price recovered back to 0.7400. The resistance is at 0.7400, the support is at 0.7270.

MACD is in the negative area. The indicator decreased. If the histogram remains in the negative area it will show a sell signal. The indicator RSI is neutral. The attempt to break through the Moving Averages (50, 100 and 200) failed on the 4 hour chart. The Moving Averages are horizontal.

Trading recommendations

If the pair gets below 0.7270 the decrease will be continued to 0.7140. We do not exclude a correction to 0.7450.