The Aussie dollar is retracing despite high iron prices, and rallying commodity prices and risk sentiment. The AUD slipped to 0.7726 from today’s high of 0.7775 due to a recovering USD and flat oil prices.
Shortly after ECB President Mario Draghi announced that the Eurozone’s interest rate will remain at 0 percent yesterday, the pair reached 0.78 cents, but similar to the EUR/USD, dipped as well.
The pair’s 4-hour MACD shows a bearish divergence, but the long-term weekly MACD is pushing for a bullish convergence. The MACD indicator is in neutral location.
The pair’s first support occurs at 0.7684 and 0.7646 subsequently, while its first resistance is at 0.7787 and 0.7826.
The greenbacks’ side is fairly quiet with no data outflow later today.