AUD/USD faces strong resistance

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 57% 58% -1.75%
Shorts 43% 42% 2.33%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Buy Neutral
Alligator (13; 8; 5) Buy Sell Neutral
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

AUD/USD was trading between the weekly and monthly PPs for most of the session on Thursday. 

This range was breached early on Friday when sluggish Australian retail sales released at 0030GMT weighted heavily on the Antipodean currency even after the immediate reaction had allayed. 

As a result, the rate was testing the lower boundary of the junior channel circa 0.7670 by mid-session. Mixed US fundamental data at 1230GMT shot the pair upwards; however, it was halted by an intersection of the 55– and 200-hour SMAs at 0.7693. 

This demonstrates the strength of this resistance area, suggesting that this cluster might hold during the remaining hours of this trading week. The rate, however, is expected to re-gain value on Monday.

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