Aussie tests 55-hour SMA at 0.7574

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 33% 36% -9.09%
Shorts 67% 64% 4.48%
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

During the last 24 hours, AUD/USD has had three major jumps all of which resulted from data releases. The latest 32-pip surge was characterised by strong Australia's employment data published early in the morning. From technical point of view, it is apparent that the weekly R1 at 0.7593 has worked effectively at halting the Aussie's appreciation against the Greenback. As a result, the Antipodean currency depreciated down to a support cluster formed by the lower Bollinger band and the 55-hour SMA near the 0.7575 mark. The Aussie may remain at this level for several hours prior to making a U-turn. It is unlikely that the rate breaches the 0.7570 mark, thus it should return to re-test the weekly R1. In case it does penetrate the 55-hour SMA, the next level of significance is the 100-hour SMA at 0.7558.

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