29 Apr 2015
AUD/USD: Heaviness below 2015 highs
FXStreet (Guatemala) - AUD/USD is currently trading at 0.8018 with a high of 0.89027 and a low of 0.8017.
AUD/USD is in overbought territory, but clearly in a bullish trend given the remarkable levels it has reached over the course of, well, not very much impetus other than market sentiment. We had some poor data from the US overnight as another excuse to carry on selling the greenback while the core sentiment is that the RBA does not need to cut rates and the Fed does not need to hike rates yet, thus risk is on and a green light to buy the Aussie ahead of he FOMC this week and the RBA next week.
RSI (14) on the hourly is above 80 and the pair is slowing up in to a consolidation phase, seemingly heavy as meeting the 2015 highs set at the start of the year, end of Jan. there is a key resistance here at 0.8034 and the early January lows but success through here would potentially alleviate the overall bearish theme for the time being in the lead up to the RBA.
AUD/USD is in overbought territory, but clearly in a bullish trend given the remarkable levels it has reached over the course of, well, not very much impetus other than market sentiment. We had some poor data from the US overnight as another excuse to carry on selling the greenback while the core sentiment is that the RBA does not need to cut rates and the Fed does not need to hike rates yet, thus risk is on and a green light to buy the Aussie ahead of he FOMC this week and the RBA next week.
RSI (14) on the hourly is above 80 and the pair is slowing up in to a consolidation phase, seemingly heavy as meeting the 2015 highs set at the start of the year, end of Jan. there is a key resistance here at 0.8034 and the early January lows but success through here would potentially alleviate the overall bearish theme for the time being in the lead up to the RBA.