The AUD had a negative start to the day. The major turned bearish from the opening of the night session. The price remained offered during the night trades and reached 0.7650 in the morning. The level stopped sellers who stepped back but remained around the handle. Buyers regained control in the second part of the European session. They pushed the AUD higher and reversed all night losses. According to 4 hours chart the pair broke the 50-EMA upwards. The 50-EMA kept heading lower, the 100-EMA pointed higher while the 200-EMA was neutral in the same chart. The resistance is highlighted 0.7700, the support comes in at 0.7650.
MACD entered the positive area. If MACD remains within the positive territory, buyers’ positions will strengthen. RSI advanced south which confirms the current downward movement.
Trading recommendations
After a close below the support at 0.7650 we could see AUD/USD extending its declines down to 0.7600. Alternatively, the pair will climb to 0.7685.