During the early European session the Aussie marked fresh two
months low at 0.7799, but the major support at 0.7810 was rejected and
currently the pair is trading at 0.7854. The last movement seems to be corrective,
as the short term indications are showing bullish bias. On the four hour time
frame indicators retreated from their extreme oversold conditions, but yet
remain below mid-lines. Stochastic is displaying strong bullish momentum while
RSI has lost directional strength. And furthermore the 20-day SMA is keeping
its sharp downward slope. Further gains will come for sure in case the bulls succeed
to conquer the first resistance at 0.7880.
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