The
AUD/USD pair tried to push higher today but bulls couldn’t advance beyond
0.7408. The
Australian Westpac Leading Index showed worse than expected figures while the
greenback is keeping steady levels. Technically speaking the short-term outlook
remains neutral to bearish.On the four hour time frame the price is developing
below its moving averages and as seen the 20-day SMA stalled the bullish
aspiration. RSI is staying flat around its 30 while the stochastic is extremely
bearish and is entering oversold area. Immediate support is seen at 0.7345 and if
broken to below will open doors for testing 0.7250, which will offer strong
long-term support line.
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