AUD/USD fails to overcome 0.7780

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 43% 36% 16.28%
Shorts 57% 64% -12.28%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The Australian Dollar demonstrated high volatility on Friday, as the rate was fluctuating in the 0.7800/0.7740 area during the whole trading session. It did, however, manage to recover almost all of its daily losses by early Monday. 

By and large, the Aussie's movement during the past month was guided by a falling wedge and it continues to edge lower within the bounds of the given pattern. It seems that the wedge might be breached this week, thus paving the way for a subsequent surge up. 

As the rate faces a significant resistance cluster formed by the 55-, 100– and 200-hour SMAs and the weekly PP, the expected breakout might be welcomed with strong opposition. Thus, the rate could halt near the 55-hour SMA or the weekly PP and try to test the weekly and monthly S1s.

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