18, November 2016

AUD/USD (a 4-hour chart)

General overview

The Aussie edged lower on Thursday on the back of weaker jobs data.

Current situation

The AUD/USD slightly strengthened in the Asian session on Thursday. Prices were able to escalate to 0.7500 where a bid tone lost its legs. The price weakened and returned to opening prices in the mid-Asia. Sellers struggled with buyers to break the 0.7470 level during the European session. The AUD/USD pair finally broke the level ahead of the NY opening. After breaking 0.7470 the Aussie continued to lose its value. The pair remained well below the moving averages in the 4 hours chart. The moving averages extended their decline. The resistance is at 0.7470, the support can be found at 0.7435.

The MACD histogram decreased which is a sell signal. RSI remained within oversold levels.

Trading recommendations

After a daily close below 0.7470 we could see the pair extending down to the 0.7435 region during the next days.