AUD/USD erases Friday gains

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 32% 34% -6.25%
Shorts 68% 66% 2.94%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

It was no surprise when the massive surge on Thursday and Friday was followed by a correction period, thus erasing nearly half of gains accumulated during these two days. As a result, the Aussie retraced back to 0.8040—a level where both channels coincide (the junior pattern was altered slightly to include the new changes). 

Meanwhile, it seems that reaching the two-year peak at 0.8120 is likely to pressure the rate downwards. This scenario might occur today already if the Aussie breaches the bottom boundary of the junior channel. 

This bearish assumption is supported by the fact that the 55-hour SMA proved to be an unbreakable upside target for this session. It is expected that the Aussie might approach the 200-hour and remain in the 0.8020/00 area.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.