AUD/USD spikes to 0.7951

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 39% 41% -5.13%
Shorts 61% 59% 3.28%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Sell Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

Fortunately for the Aussie, the poor US housing data that was released yesterday gave the currency pair a necessary impulse to break through the 200-hour SMA, the weekly PP at 0.7895 and even slightly overstep the weekly R1 at 0.7951. But then the rate became overbought and, thus, started to decline. In theory, today the Greenback has to try to restore some of the lost positions and slide to the 0.7852 level. 

Nevertheless, the buck is expected to fail to climb below the combined support level, which is formed by the above weekly PP in conjunction with the 200-, 100- and 55-hour SMAs. This scenario is supported by a summary of technical indicators, which also sends a strong buy signal for the 5H and 1D timeframes. In the meantime, the market sentiment remains 62% bearish.

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