AUD/USD leaves short-term pattern

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 38% 40% -5.26%
Shorts 62% 60% 3.23%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Neutral Sell
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

The falling wedge which was formed last week was breached to the upside on Thursday. Further appreciation was halted by the 55-hour SMA that provided unbreakable resistance until mid-today. 

Despite being hindered by this moving average for several hours, it is still expected that the Aussie could move higher, thus approaching the weekly S1 and the 100-hour SMA at 0.7880. In case the given resistance fails to restrict the pair, a bullish head-and-shoulders pattern would be formed. 

Conversely, it should not be dismissed that the bearish sentiment might still prevail and send the pair for a test of the two-month low or the weekly S2 at 0.7810 and 0.7796, respectively. By and large, priority is given to the bullish scenario.

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