AUD/USD breaches strong support

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 37% 37% 0.00%
Shorts 63% 63% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Buy Sell Sell
Alligator (13; 8; 5) Neutral Sell Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

Thursday's trading session did not introduce any changes to the overall price level, as AUD/USD remained slightly below the 200-hour SMA for the whole session. 

The massive plunge during the first trading hour pushed the rate down to an intersection of the 55– and 100-hour SMAs. This strong bearish momentum was sufficient to breach this support, and the Australian Dollar thus returned back in the descending channel. 

The closest support is set by the relatively distant ten-week low at 0.7790; this shows that the current depreciation could go as low as this mark. The rate, however, should eventually reverse to the upside and remain below the 55– and 100-hour SMAs.

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