AUD/USD remains near 55-hour SMA

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 35% 35% 0.00%
Shorts 65% 65% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Buy Sell Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The strong upward momentum that dominated the Aussie on Friday morning was disrupted by the 55-hour SMA near the 0.7980 mark. Subsequently, this line became a driving force for the rate, as the Australian Dollar continued to trade along it until mid-Monday. 

At the time, the pair was positioned between the 55-hour SMA and a resistance cluster formed by the 100– and 200-hour SMAs and the weekly PP near 0.7985. From theoretical point of view, traders should see the rate picking up speed and surging towards the upper channel line. 

However, the aforementioned resistance could provide hindrance for several hours. It is likely that the rate is remains in the 0.7950/0.8000 range. In case of a fall, the Aussie could edge down to the monthly PP near 0.7930.

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