AUD/USD finds support in medium pattern

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 74% 74% 0.00%
Shorts 26% 26% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Buy Neutral Sell
SAR (0.02; 0.2) Sell Buy Sell
Aggregate

On Wednesday, following the sudden short term surge of the Australian Dollar against the US Dollar during the first half of the day's trading session, a larger look was taken at the pair.

It was discovered that there exists a medium scale channel up pattern, whose lower trend line managed to stop the decline of the pair. Moreover, its resistance line was the reason for the decline, which occurred during the last 24 hours. 

In regards to the near term future, it was expected on Wednesday that the currency exchange rate will be propelled higher by the 100 and 200– hour SMAs until it reaches a resistance cluster near the 0.7570 mark.

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