AUD/USD in consolidation phase

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 54% 56% -3.70%
Shorts 46% 44% 4.35%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Neutral Sell
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

Contrary to expectations, AUD/USD did not halt near the 0.7480 level but continued to appreciate, forming a minor resistance area at the 0.7496 mark. Thus, two scenarios are possible for this trading session. Firstly, the rate may edge lower to confirm the upper boundary of a wedge pattern. Secondly, the Antipodean currency may also continue appreciating, testing a four-week high at 0.7512. Bullish technical indicators favour the latter, mentioning the golden cross of 55-, 100– and 200-hour SMAs as one example. In general, the strong upside momentum that characterised the pair in the morning session has stalled, demonstrating that the price has entered a consolidation phase. Moreover, the rate might also be affected by Australian q/q GDP at 1:30 GMT on Wednesday, providing some short-term fluctuations.

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