8 Apr 2015
AUD bullish; 0.7730 is a key resistance - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the conditions in the Commodity currencies sector and a better performing Aussie.
Key Quotes:
"Commodity currencies lead the way against the greenback this Wednesday, with the AUD/USD pair surging up to 0.7727 a fresh weekly high."
"The Aussie held to its gains most of the day, easing late in the US after the latest FOMC Minutes, but overall holding around the 0.7700 level. The fact that the RBA has refrained from cutting rates earlier this week has gave the currency a new appeal to investors."
"In the meantime, the 1 hour chart shows that the price holds above a bullish 20 SMA that currently converges with the 38.2% retracement of its latest bearish run at 0.7680, acting as immediate short term support, whilst the technical indicators have turned lower, but remain above their mid-lines."
"In the 4 hours chart however, the overall stance is bullish, with the price above a bullish 20 SMA, whilst the technical indicators hold above their mid-lines, with a tepid bullish slope. In this last chart, the 200 EMA stands at 0.7730, a couple of pips below the 50% retracement of the same bearish move, which means a break above this area should lead to additional advances up to the 0.7800 level."
Key Quotes:
"Commodity currencies lead the way against the greenback this Wednesday, with the AUD/USD pair surging up to 0.7727 a fresh weekly high."
"The Aussie held to its gains most of the day, easing late in the US after the latest FOMC Minutes, but overall holding around the 0.7700 level. The fact that the RBA has refrained from cutting rates earlier this week has gave the currency a new appeal to investors."
"In the meantime, the 1 hour chart shows that the price holds above a bullish 20 SMA that currently converges with the 38.2% retracement of its latest bearish run at 0.7680, acting as immediate short term support, whilst the technical indicators have turned lower, but remain above their mid-lines."
"In the 4 hours chart however, the overall stance is bullish, with the price above a bullish 20 SMA, whilst the technical indicators hold above their mid-lines, with a tepid bullish slope. In this last chart, the 200 EMA stands at 0.7730, a couple of pips below the 50% retracement of the same bearish move, which means a break above this area should lead to additional advances up to the 0.7800 level."