Highway to hell or Spinning around

Market spirits stayed mute while the dovish RBA minutes spread insignificant information hinting about weaker conditions in the labour area. The Australian dollar was slightly weakened during the Asian session, but found some support during European hours. 

AUD/USD dropped to 0.7530 but bulls found enough strength to push higher and the current market price is 0.7557. It’s fundamentally unreasonable to take more benefits from the current slide of the greenback along with the decline in Iron on futures that contributes to the weak Aussie. 

Technically speaking, the four-hour time frame is showing mixed signs. The pair has crossed to below the 20-day SMA. RSI has turned to north having slightly moved above the mid-lines. Stochastic is yet located within extreme oversold area and has lost directional strength.

In case the pair succeed to move above the 20-day SMA, a test of the key level at 0.7600 seems to be very possible. Looking to downwards, the bearish bias still persists if closing below 0.7530.

The decline of the Aussie should be considered as technically significant. So I may not skip to share my lyrical deviation assumptions – Highway to hell or Spinning around. First one is the former AC/DC song to chart in the US and meanwhile it’s a literal explanation of their American tour and a nickname of the Canning highway in Australia, meaning „No stops signs….speed limits…nobody gonna slow me down”. The second one gives so much meaning with „Traded in some sorrow”. Is Kylie’s „Spinning around” better that „Highway to hell”? I see the stop sign to be spinning around the 200-day SMA, which is currently staying at 0.7546.