30, August 2016

AUD/USD (a 4-hour chart)

General overview

AUD fell due to Fed officials’ comments about strengthening the monetary policy in the nearest future.

Current situation

The pair touched a four-week low on Monday, however, AUD/USD managed to recover some of its lost ground. The resistance is at 0.7600, the support comes in at 0.7540.

MACD decreased which confirms the strength of sellers. RSI continued consolidating within oversold area.

The 4 hours chart shows that the price is below the 50, 100 and 200 Day EMAs. The 200-EMA is neutral, the 50 is crossing the 100 EMA downwards and both lines are moving down.

Trading recommendations

We believe the AUD/USD will remain under pressure. The current weakness is expected to extend further to 0.7470.