AUD/USD faces strong resistance near 0.79

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 35% 34% 2.86%
Shorts 65% 66% -1.54%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The previously-drawn narrow channel of AUD/USD was altered in order to include the daily peaks reached on September 8 and 20. Thus, this new pattern might explain why the rate halted unexpectedly in the area between the monthly PP and the weekly S2, as it confirmed the bottom channel boundary which has already provided support and resistance for the Aussie. 

As apparent on the chart, the rate is currently moving towards a significant support cluster set by the 55-, 100– and 200-hour SMAs circa 0.7900. It is likely that the Australian Dollar hinders near this area and consequently trades sideways. Given the strength of this cluster, the rate should fail to surpass it on the first attempt, thus remaining between this mark and the weekly S1 at 0.7954 by mid-Monday.

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