AUD/USD stranded between SMAs

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 66% 62% 6.06%
Shorts 34% 38% -11.76%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Neutral Sell Sell
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

Upside risks prevailed in the market on Friday, thus allowing the Australian Dollar to gained 63 base points or 0.86% against the US Dollar. The surge, however, was due to the US macroeconomic data released on Friday.

Currently, the currency pair is stranded between SMAs. The 200-hour simple moving average was providing resistance, while the 55-hour SMA was providing support at the time of this analysis.

The AUD/USD currency exchange rate has revealed a new junior descending channel. This pattern could drive the pair lower toward the weekly S1 at 0.7350 during the following trading session.

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