AUD/USD Technical Analysis: March 20, 2017
There is no expected economic release scheduled from the Australian dollar on Friday. Investors were in a wait-and-see mode for the RBA Meeting minutes scheduled on Tuesday. Moreover, the offered tone near the greenbacks provided strength for the Aussie.
Buyers found a hurdle around 0.7700 but needed to leave off their gains.The major rebounded and stalled on top of 0.7660.
A bout of renewed buying pressure came up during Friday’s Asian session. The AUD/USD were pulled back by the buyers towards 0.7700 removing its current losses.
The 4-hour chart determines the price continuously develop above the moving averages as the 200 and 50-EMA directed higher while 100-EMA seems neutral. Resistance entered 0.7700 level, support holds 0.7650 mark.
The histogram preserved in the same region favoring buyer’s strength. RSI indicator is situated close to the overvalued area which confirms another move lower.
After making a gap on top of 0.7700, the next will be 0.7750. Failure to post its fresh gains could possibly occur some profit taking. The AUD would likely weaken reaching 0.7600-0.7620.