20 Feb 2015
AUD/USD: Bulls taking control with eyes set on 20 DMA
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7836 with a high of 0.7850 and a low of 0.7787.
AUD/USD has made good ground this week, the bulk of which was done yesterday, with some consolidation occurring here as we approach the remaining hours left for the Friday session and the week. The pair is up from 0.75550 territory and scored almost 100 pips higher on yesterday's business. However, non-mining investment plans remain lacklustre, explained Prashant Newnaha, analyst at TD Securities. "Stronger growth is required to offset the free-fall in mining investment, so Thursday’s capex survey is key." Besides domestic data from Australia, all eyes are on Fed's governor, Yellen, next Tuesday.
Technically, the bulls are on target for a test of the 0.80 handle, through the 20 DMA at 0.7990. Above these levels lie the the 7th January low at 0.8034, as noted by Karen Jones, chief analyst at Commerzbank, and a breach here would confirm the pair is out of the downward pressures.
AUD/USD has made good ground this week, the bulk of which was done yesterday, with some consolidation occurring here as we approach the remaining hours left for the Friday session and the week. The pair is up from 0.75550 territory and scored almost 100 pips higher on yesterday's business. However, non-mining investment plans remain lacklustre, explained Prashant Newnaha, analyst at TD Securities. "Stronger growth is required to offset the free-fall in mining investment, so Thursday’s capex survey is key." Besides domestic data from Australia, all eyes are on Fed's governor, Yellen, next Tuesday.
Technically, the bulls are on target for a test of the 0.80 handle, through the 20 DMA at 0.7990. Above these levels lie the the 7th January low at 0.8034, as noted by Karen Jones, chief analyst at Commerzbank, and a breach here would confirm the pair is out of the downward pressures.