22 Jul 2015
AUD/USD: Big rally ahead of key events in Asia - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the conditions surrounding the Aussie in the US session ahead of key events today in Asia.
Key Quotes:
"The AUD/USD pair tripped stops above the 0.7400 level mid American afternoon, advancing to a daily high of 0.7448 before retracing some. Earlier in the day, the RBA reiterated that the Aussie is likely to weaken further, something necessary, according to the Central Bank, "to help achieve a balanced growth in the economy."
"The Minutes of the latest meeting also stated that another rate cut will be data-dependant, keeping a rate cut in the table for this 2015. During the upcoming hours, Australia will release its CPI figures for the second quarter of this year, which may help the currency advance further if the numbers surprise to the upside."
"Technically, the 1 hour chart shows that the technical indicators are barely retracing from overbought levels, whilst the 20 SMA heads sharply higher below the current price."
"In the 4 hours chart, the 20 SMA stands horizontal around 0.7390,, whilst the technical indicators have lost their upward strength, but remain above their mid-lines. The pair needs to extend beyond the mentioned daily high to be able to extend its rally towards the 07500 level, where selling interest is waiting now."
Key Quotes:
"The AUD/USD pair tripped stops above the 0.7400 level mid American afternoon, advancing to a daily high of 0.7448 before retracing some. Earlier in the day, the RBA reiterated that the Aussie is likely to weaken further, something necessary, according to the Central Bank, "to help achieve a balanced growth in the economy."
"The Minutes of the latest meeting also stated that another rate cut will be data-dependant, keeping a rate cut in the table for this 2015. During the upcoming hours, Australia will release its CPI figures for the second quarter of this year, which may help the currency advance further if the numbers surprise to the upside."
"Technically, the 1 hour chart shows that the technical indicators are barely retracing from overbought levels, whilst the 20 SMA heads sharply higher below the current price."
"In the 4 hours chart, the 20 SMA stands horizontal around 0.7390,, whilst the technical indicators have lost their upward strength, but remain above their mid-lines. The pair needs to extend beyond the mentioned daily high to be able to extend its rally towards the 07500 level, where selling interest is waiting now."