AUD/USD moves sideways

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 40% 40% 0.00%
Shorts 60% 60% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Buy Neutral Sell
Alligator (13; 8; 5) Neutral Sell Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

AUD/USD showed no drastic changes to its overall price level on Tuesday, as the rate was confined in the 0.7775/0.7796 area. The Aussie did manage to breach the upper wedge boundary and move above the 100-hour SMA. 

From theoretical point of view, the given currency should pick up speed and consequently dash trough the 200-hour SMA near 0.7810. However, the pair has been sticky to the weekly PP but has nevertheless failed to move above this mark (expect for a minor false breakout). Thus, it is likely that the rate could test this moving average, but its subsequent movement should be guided by bears. 

In general, the rate is stranded between two strong barriers that could result in a movement sideways. However, FOMC minutes released at 1800GMT could overturn this assumption.

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