The Australian dollar is trading elevated today, boosted by OPEC’s deal to cut output. This remarkable event pushed higher the commodity currencies and thrilled the risk appetite.Aussie hit an intraday high at 0.7709 but shortly afterwards fell down. RSI shows close to overbought market, which confirms the profit-taking actions by market players.
As seen on the four hour chart, the 50-day moving average is crossing the 200-day moving average and currently is staying above, which is to indicate the bullish trend. Support is located around 0.7620, where currently is located the 50-day MA. The short-term outlook remains bullish, but bulls should conquer the 8th September high at 0.7731 and 9th August high at 0.7833 for confirmation of the long-term trend.