Since the beginning of the week the AUD/USD pair has been trading in narrow range, close to the recently marked high and suggesting continuation of the the bullish trend.Today the Aussie received a goodish boost by better than expected figures from Australian macro data while the greenback is losing strength.
The AUD/USD topped at 0.7998 during the early trading hours but failed to crack once again the psychological barrier at 0.8000. The pair retreated to reach daily low at 0.7940 but found support at the 20-day SMA and bounced from this level to currently is trading at 0.7968.
On the four hour time frame the price is developing above its bullish moving averages. Stochastic retreated from its overbought readings and is showing bearish momentum, while RSI is located at 60 and is acting quite undecided, which suggests that bulls prefer to consolidate before next attempt to conquer the 0.8000 level.
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