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    AUD/USD (a 4-hour chart)

    AUD/USD (a 4-hour chart)

    General overview

    The Australian dollar strengthened when the Reserve Bank of Australia published its last meeting minutes. The regulator left the rates unchanged. According to the Central Bank the main reasons to keep the rates unchanged were: a positive economic data, a significant weakening of the national currency, as well as the rise in house prices and a positive wage prospects.

    Current situation

    The pair deprived from the three weeks high. The AUD/USD decreased from the mark of 0.7510 and stopped at 0.7458. The price is below a strong resistance where it has bounced downwards lately. The resistance is at 0.7500, the support is at 0.7400.

    MACD is in the positive area. The indicator shows a divergence. The MACD indicator is giving a sell signal. The indicator RSI moved from the overbought area. The oscillator will show a sell signal until it stays below the overbought area. The pair is above the Moving Averages (50, 100 and 200) on the 4 hour chart. The Moving Averages are moving upwards.

    Trading recommendations

    The pair is overbought. If the AUD/USD falls below 0.7400 the decrease will be continued to 0.7270.

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