AUDUSD analysis for 08.05.2017

AUDUSD is chiefly under the influence of NAB Business Confidence in Australia and Fed Labor Market Conditions Index (MoM) in the US. The support rests in 0.73900 with resistance at 0.74180 which both lines are below the weekly pivot point at 0.74450. The EMA of 10 is moving with bearish bias along the descendant channel and it is located below the EMA of 100 and the EMA of 200. The RSI is rising towards the 50 level, the MACD indicator is in negative territory and the Stochastic is showing downward momentum. The ADX is not showing any clear signals. The price is below the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend. Short positions are recommended targeting 0.7350. https://fxglory.com/audusd-analysis-for-08-05-2017/