AUD/USD - AUD/USD Hit a Fresh 4-Week Low - 08/31/2016 (GMT)

The AUD/USD pair dropped to its lowest level in four weeks and plunged more than 1.6%. Also, the stronger U.S. dollar is also playing a role in the pair’s weakness. Now, the pair is recording the third negative week in a row and is trading near the 0.7520 price level. During yesterday’s session, the commodity pair had a pullback on the 50-daily SMA which overlaps with the strong resistance level at 0.7585. On the 4-hour chart, the MACD oscillator is following a negative path with some strong momentum while the RSI is still above the 30 level but is sloping downwards. Having the above in mind, for the short-term traders, we could experience a move south until the 0.7485 level. If the price will have a successful break below the latter level then will probably expose until the significant support zone at 0.7410 – 0.7420.