AUD/USD (a 4-hour chart)
The Aussie traded lower on Friday as home sales in Australia did not meet traders’ expectations and moved from the previous month's pace.
The price maintained its bearish tone in the European session on Friday. The AUD/USD tested the level 0.7570 in the middle of the European trades. After testing the level the pair continued heading lower and refreshed the weekly low at 0.7562. However, the downward pressure eased right after the test, the AUD rolled back and erased a minor part of its losses. The price broke the 200- EMA on its way downwards, but soon returned back. The 100 and 200 EMAs are neutral, the 50-EMA is turning downwards in the 4 hours chart. The resistance is at 0.7600, the support can be found at 0.7570.
MACD is in the negative area. MACD decrease which indicates the buyers’ positions weakening. The RSI is within oversold area.
We recommend going short with the first target – 0.7570. When the price consolidates below the first target it may go to the level 0.7540.