AUDUSD Analysis: Pressure by strong resistance

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Bears picked up momentum after the AUD/USD currency pair hit strong resistance formed by the 100– hour simple moving average near the 0.7624 mark during the early hours of Tuesday's trading session.

By the European session on Wednesday, the exchange rate was trading below the 55-, 100-, 200-hour SMAs and the weekly pivot point. 

Technical indicators flash two strong signals. First, on the four-hour time frame, it suggests bears are likely to grow stronger within this hours. Second, on the daily time-frame, its flash strong buy signal. Traders are advised to stay outside from this currency pair today.

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