The AUD/USD
pair powerfully moved to the upside and printed fresh three month high at
0.7695 today. Strong macro data from Australia supported the surge, driven mainly
by the fantastic trade surplus.
Upon the US session the pair pulled back and is currently trading at 0.7661.
Since January 17th the pair has been
caught within relatively tight range, but now seems to be getting out of it. In
the short run this performance could be read as correction to the downside. But
the four-hour time frame is indicating bullish trend. The price has crossed to
above the 20-day SMA, which is also in tact with the bulls. RSI has retraced
from the overbought territory and Stochastic has turned to south. Generally
this is against the short term bullishness, but I think that both indicators
are now in favour of the current pullback and do not significantly prove
further decline. Strong support is seen at 0.7600 and lower at 0.7550.
Resistance is located now at 0.7695 and higher at 0.7777.
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