AUD/USD demonstrates lack of momentum

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 48% 45% 6.25%
Shorts 52% 55% -5.77%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Neutral Sell
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

After reaching a six-week high at 0.7567 on Wednesday's trading session, AUD/USD has traded sideways and fluctuated around the 20-hour SMA at 0.7547. The Aussie has respected the boundaries of a channel up since early June. However, it seems that the currency may break this pattern to the downside, as it was unable to gain momentum for a new wave up in this session. Technical indicators favour this bearish outlook, setting a support cluster formed by the lower Bollinger band and the 55-hour SMA circa 0.7430/31 as a more probable target. In case the rate manages to penetrate the 55-hour SMA, the Aussie may demonstrate some further weakness against the Greenback.

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