AUD/USD falls to two-month low

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 37% 38% -2.70%
Shorts 63% 62% 1.59%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Buy Neutral Neutral
Stochastic (5; 3; 3) Sell Neutral Sell
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

Despite continuous attempts to move past the 55-hour SMA, AUD/USD's direction on Friday was entirely dependent on the given moving average. As a result, the Aussie moved away from this line on Monday morning and reached a new ten-week low at 0.7800. 

The pair is still testing this psychological level, but has nevertheless showed reluctance to move lower. As technical indicators demonstrate that there is still some downside potential, it is possible that the rate depreciates down to the weekly S1 at 0.7770. 

As apparent on the chart, the Aussie has formed a short-term descending channel. If the 0.78 mark will hold, this could point to a possible appreciation in this session, possibly up to the 55– and 100-hour SMA circa 0.7840.

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