AUD/USD tests three-month channel

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

Positions Today Yesterday % Change
Longs 63% 56% 11.11%
Shorts 37% 44% -18.92%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Neutral Buy
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

AUD/USD has not made significant positioning changes since last session. After falling slightly lower below the weekly PP and the 200-hour SMA late on Tuesday, the Aussie re-tested the session high of 0.7580.

The weaker-than-expected US Core CPI released mid-session contributed to the strengthening of the Australian Dollar. The pair shot up 30 pips within the first five minutes after the release. Thus, it was able to reach the upper boundary of the three-month descending channel. The nearest northern barrier is the weekly R1 and the monthly PP at 0.7510 that could provide strong resistance. 

Conversely, the Aussie is supported by the 200-, 100– and 55-hour SMAs and the weekly PP circa 0.7560. The impact of the FOMC fundamentals could be enough to breach one of the aforementioned levels.

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