22, September 2016

AUD/USD (a 4-hour chart)

General Overview

The AUD/USD grew on the back of the oil prices growth.

Current situation

The pair had a positive day on Wednesday. After a brief consolidation the pair resumed its near-term bullish movement. The price has been growing for the third consecutive session. The AUD/USD stopped a few pips below 0.7600 in the European session. The instrument broke the 100 and 200 EMAs upwards in the 4 hours chart. Now these moving averages act as a support for the aussie. The 200 and 100 EMAs are neutral, the 50-EMA is pointing higher. The resistance is at 0.7600, the support comes in at 0.7540.

MACD is in the positive area. The histogram grew which indicates the buyers’ strength. RSI is within the overbought area.

Trading recommendations

A move above 0.7600 will trigger additional upward momentum. We believe that the price could escalate up to 0.7650.