AUD/USD edges slightly lower

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 41% 42% -2.44%
Shorts 59% 58% 1.69%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Buy
RSI (14) Sell Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Sell Buy
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

The trading session on Friday started rather calmly, as the Australian Dollar remained near the upper boundary of a short-term ascending channel. Nevertheless, the rate skyrocketed in response to sluggish US fundamentals released mid-session. 

As apparent on the chart, technical indicators made a massive leap southwards after this surge, compared to the Aussie which remained in a relatively narrow range until mid-Monday. Thus, it was pushed between the 0.79 mark, the weekly PP and the 55-hour SMA in the 0.7900/0.7846 area. 

The base scenario favours the Aussie testing the nearest support and trading somewhere near this mark. As there are no fundamentals that could shake the market, the rate might fail to breach this level and thus continue trading slightly above it.

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