AUD/USD - is Plunging Near 0.7565 Strong Support Level - 07/04/2017 (GMT)
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AUD/USD Chart
The Australian dollar jumped to a three-month high versus the U.S. dollar during the previous week at 0.7710 strong resistance level. The AUD/USD pair is still consolidating within an ascending triangle on the weekly chart since January 2016 with strong resistance level at 0.7780. Currently, on a daily basis, the AUD/USD pair following the rebound on the latter level slipped beneath the 0.7635 barrier and is approaching once again the 0.7565 support level. In addition, the commodity currency pair plunged more than 1% since Monday trading period.
The technical structure on the short-term timeframe suggests a correction to the downside before the pair continues the upward movement. We are endorsing the scenario of hitting the 0.7565 support level or moreover the 0.7515 level which overlaps with the 50 and 200 SMAs. The RSI indicator started a bearish slope whilst the MACD oscillator is ready to create a bearish crossover with its trigger line.
The technical structure on the short-term timeframe suggests a correction to the downside before the pair continues the upward movement. We are endorsing the scenario of hitting the 0.7565 support level or moreover the 0.7515 level which overlaps with the 50 and 200 SMAs. The RSI indicator started a bearish slope whilst the MACD oscillator is ready to create a bearish crossover with its trigger line.
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