27, September 2016

AUD/USD (a 4-hour chart)

General Overview

 The Aussie was neutral against the U.S. dollar on Monday despite the recent pressure after oil prices decrease.

Current situation

AUD/USD tested the support of the price channel in the 4-hours chart during the Asian trades on Monday. After testing the channel lower boundary the price bounced upwards and headed towards 0.7650. The 4 hours chart shows that the 50-EMA crossed the 100 and 200 EMAs upwards. The 100-EMA is crossing the 200-EMA in the same chart. All moving averages headed north. The resistance is at 0.7650, the support comes in at 0.7600.

MACD decreased which indicates the buyers’ positions weakening. The indicator still gives a buy signal. RSI remained neutral.

Trading recommendations

As long as the level 0.7600 holds the price is expected to trend upwards. The level 0.7650 is the first buyers’ target. A strong breakdown and close below 0.7600 could send prices lower towards 0.7540.