The Aussie is seen higher today and moved up to 0.7874, the
highest level for the last 5 sessions despite greenback’s comeback. The AUD/USD
pair is up with 0.33% today and the short term outlook favor an advance. On the
four hour time frame the price is developing above the 20-day SMA, which has
started to turn north. Meanwhile the 100-day SMA crossed to below the flat
200-day SMA. Stochastic has retreated from the extreme oversold area but has
lost directional strength and is currently located at 80. RSI is slightly above
its mid-line and has also aiming north.
During the upcoming Asian session Australia will release August retail sales
and trade balance figures and both are expected to be above July’s numbers. If that’s
the case, we may see the pair extending the rally towards 0.79 and even higher.
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