AUD/USD breaks dominant pattern

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 38% 31% 18.42%
Shorts 62% 69% -11.29%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The Australian Dollar seemed to have begun a retreat during the second half of Thursday's trading against the US Dollar. The pair encountered the combined resistance of the upper trend line of a weak medium term ascending channel pattern near the 0.7680 mark and the second weekly resistance level at the 0.7673 mark. The pair revealed the mentioned pattern due to it breaking the upper trend line of a long term descending channel pattern. The result was a breaking of various resistance levels. It is expected that the currency pair will decline down to the support cluster near the 0.7630 level before the surge continues next week. The currency pair is most likely going to find support in the cluster and then will be propelled higher by the upwards moving simple moving averages.

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