19, September 2016

AUD/USD (a 4-hour chart)

General Overview

The Aussie eased against the dollar amid the risk aversion and crude oil prices decline. Moreover, a strong U.S. statistics weighed on the Australian dollar.

Current situation

The AUD/USD traded in a narrow range ahead of U.S. CPI report on Friday. The quotes moved lower after the report. The prices bounced off the 50-EMA in the 4 hours chart. The 50-EMA crossed the 100 and 200 EMAs downwards. All moving averages headed lower. The resistance is at 0.7500, the support comes in at 0.7460.

MACD remained in the negative area. MACD decreased which indicates the sellers’ positions strength. The RSI oscillator headed south.

Trading recommendations

We preserve our bearish outlook. The price may extend its recovery, however, the resistance 0.7540 is strong enough to stop buyers. A downtrend will start as soon, as the pair fixates below the level 0.7500. The level 0.7460 is the next sellers’ target.