AUD/USD near dominant support

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 58% 61% -5.17%
Shorts 42% 39% 7.14%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Buy Neutral
Alligator (13; 8; 5) Sell Sell Neutral
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

After bouncing off a medium term patterns resistance line on early Tuesday morning the Australian Dollar began a decline against the Greenback. By the middle of the day's trading session the pair was about to reach a lower trend line of the active dominant channel up pattern.

Due to that reason the situation has two possible outcomes, which both could be played out right after seeing the right signals. 

The pair could bounce off the support and reach for the resistance of the 55-hour SMA near 0.7670. 

Or the support can be broken, in which case a decline as low as 0.7620.

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