AUD/USD Technical Analysis: November 15, 2016
The Australian dollar is trading on its monthly low and the sluggish result of Chinese data affected the Aussie which caused it to have a change in direction yesterday. The AUD decline to its lowest point in 4 weeks that started on Friday. The price turn away from short-term rising channels and made a dipped below 0.7600. Moreover, the market is dominated by the bears as of the moment.
The AUD were able to meet a temporary support over the 0.7540 region but kept in a trading range surrounded by aforesaid level. During the session yesterday, the pair is toggling continuously. Buyers did not succeed to surpass the above price of 0.7560, meanwhile, sellers also failed to break the price below 0.7520. As shown in the 4-hour chart, moving averages is placed above the price. The 50-EMA pass over the 100 and 200 EMAs in a descending manner. Current resistance is positioned at 0.7570, support laid at 0.7540.
The technical index moved towards a steep reduction around the negative region. MACD is in a neutral position which indicates strength for the sellers. The RSI oscillator consolidated likewise in the negative zone.
The pair will continue to decline, reaching the 0.7500 mark if the downward phase kept its position for the following days. Another chance of recovery is still possible for the bulls, in case that a bounce off in the support level occurred.