AUD/USD - AUD/USD is Moving Below the Ascending Trend Line - 09/12/2016 (GMT)

The Australian dollar will also play a significant role this week with labor data scheduled for release and speeches from numbers of Australian policymakers. Last Friday, the AUD/USD pair plummeted more than 1% after the strong rebound on the 0.7730 resistance level.

The technical structure suggests further bearish move if there is a break below the uptrend line. Now, the pair is moving below the 100-weekly SMA and the 50-daily SMA which are coincides with the 0.7580 resistance barrier. Also, on the 4-hour chart, the 50-SMA had a bullish crossover with the 100-SMA. The pair is moving slightly below the ascending trend line, opening the way of retesting the strong support zone at 0.7485 – 0.7500. An alternative scenario is a pullback at the trend line and a creation of an upward move, which I do not foresee at the moment. Technical indicators on the daily chart are biased lower after entering the negative territory. The MACD oscillator is moving below both, its zero and trigger lines suggesting a strong downward move in the next few days. Moreover, the Relative Strength Index (RSI) is following a negative path near 30, confirming the recent bearish attitude of the price.