Tuesday, 8 August 2017

AUD/USD Back above 0.7900

After posting five consecutive losing sessions finally the AUD/USD pair gained some traction today and is trading above 0.7900 handle. The business confidence in Australia has reached highest level for the last nine years, according to the data provided by the National Bank of Australia. Earlier today the Chinese export/import growth failed to provide the expected numbers which didn’t support the pair to move upside during the Asian session.

On the four-hour time frame the price remains in a tight range, slightly above its 20-day SMA and below the 100-day SMA. Stochastic has sharply turned to north and is close to its mid-line. RSI has lost directional strength and is staying around 45.
Additional gains could be posted in case of fighting the 0.7940-07950 region. Fist support is seen at 0.7905 and next at 0.7870.