AUD/USD plunges early on Friday

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 40% 40% 0.00%
Shorts 60% 60% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Buy Sell
Alligator (13; 8; 5) Buy Sell Buy
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

The Aussie was driven by slight upside risks on Thursday which resulted in a test of the 38.2% Fibonacci retracement at 0.7883.  

AUD/USD plunged 32 pips early in this session, as markets looked for indications that the US President Donald Trump might soon name the next Fed Chief. Subsequently, the rate recovered some lost positions and tested a combined resistance of the 55– and 100-hour SMAs mid-session. 

The pair's movement during the past four sessions revealed the existence of a minor ascending channel. In line with this pattern, the Australian Dollar is expected to gain strength against its American counterpart and approach the upper channel boundary circa 0.79. It is expected that the aforementioned 38.2% Fibo might hinder or even halt the pair.

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