It’s a long way to the top (if you wanna rock 'n'roll)

Over the past few days the Aussie is struggling to deliver clear direction and closed flat today, keeping away from further decline due to the lack of volume as markets were closed for holidays.

The four-hour time frame is showing that the AUD/USD pair bounced from the 50% Fibonacci retracement of latest up leg in May at 0.7420,which is acting as immediate support. The 20-day SMA has turned to downside, while the 200-day SMA is staying flat and is acting as resistance with current level at 0.7470.

RSI is located slightly below its mid-lines and has lost directional strength. Stochastic is retreating from the negative territory and is displaying bullish momentum. 

The pair failed to surpass the 0.75 handle last week, but it will be interesting to observe the moves this week. Tomorrow will be released the April Building Permits figures with expectations significantly above after March's sharp decline.

As the famous Australian band AC/CD sing, it’s a long way to the top. In fact this song describes their struggle to make themselves big by delivering a top notch. They were nonexistent in short dates, but never gave up and finally were paid off. 

Will Aussie succeed to struggle if ECB and Fed turn to more hawkish measures with the odds about the cut of rates by RBA and with the markets growing increasingly concerned about demand for Iron Ore? 

„Stop in all the byways, playing rock’n’roll, gettin’ robbed, gettin’ stoned,gettin’ bet up”.
I'd rather prefer rock and roll, but in medium term the pair is seen neutral, so take your time as it's a long time to the top.