The Aud had a big retracement against the US dollar that started towards the end of March, breaking the Ichimoku cloud on the day chart and continuing its rally to 0.8164 before retracing through all support levels. Today’s price action is showing signs of oversold with the ADX line at 49 and the Stochastic Oscillator close to Zero. The 4 hour chart is showing a sufficient distance from its cloud, along with a Stochastic Oscillator that is has been showing signs of over sold for 19 candles. Looks like next week could bring some high price action, with resistance on 4 hr chart at 0.7727 and 0.7855. On the day chart resistance lines will be the Fibonacci retracement lines at 0.7699 and 0.7789.

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