AUD/USD (a 4-hour chart)
The Aussie softened against the dollar and lost some of its gains amid the commodity market growth.
The AUD/USD pair was in buy mode on Monday. The price retreated from the lows posted on Friday. The Aussie moved upwards and was able to reverse some of its losses on Monday. The pair left the short-term downward channel and is trying to extend its buying momentum now. The price seems to be moving towards the resistance area at 0.7650. The AUD/USD pair bounced from the 50 and 100 EMAs which provided a bearish support for the quotes. The price bounced off the lines and moved away from them. The 50, 100 and 200 EMAs are neutral in the 4 hours chart. The resistance is at 0.7650, the support stands at 0.7600.
MACD is in the positive area. The histogram remained at the same level which indicates the buyers’ strength. The RSI oscillator moved upwards.
If the positive tone persists the AUD/USD pair may extend its near-term recovery towards 0.7650. At the same time a bearish scenario requires a close below 0.7600.