AUD/USD fails to break support

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 38% 39% -2.63%
Shorts 62% 61% 1.61%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Buy
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

Weak US fundamentals mid-Friday resulted in a 24-pip hourly surge for AUD/USD. The rate, however, failed to edge higher, as expected previously, but maintained a stable motion sideways. 

The same momentum is likewise apparent in this session, as traders are unable to surpass the massive support cluster formed by the weekly and monthly PPs and all three SMAs in the 0.7950/30 area. 

Thus, the base scenario favours the Aussie remaining a relatively narrow range for the upcoming hours, but accelerating on Tuesday morning. The closest resistance set by the weekly R1, is unlikely to be reached due its distance.

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