24 Jul 2015
AUD/USD: 0.7327 yearly low, opens 0.72 target - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that AUD/USD closed the day in the red in the 0.7360 region, with lower commodities prices weighing over the Antipodean currency.
Key Quotes:
"The early dollar weakness helped the pair to recover up to 0.7416 intraday, but lower highs daily basis continue to support a bearish continuation rally. Shorter term, the 1 hour chart presents a negative tone, as the price develops below its 20 SMA whilst the technical indicators head south below their mid-lines."
"In the 4 hours chart however, the pair maintains a neutral-to-bearish stance, as the price is now below a horizontal 20 SMA at 0.7390, whilst the technical indicators have turned lower around their mid-lines. At this point however, the pair needs to break below the multi-year low set at 0.7327 last week, to confirm a new leg lower, eyeing then the 0.7200 level as the next big bearish target."
Key Quotes:
"The early dollar weakness helped the pair to recover up to 0.7416 intraday, but lower highs daily basis continue to support a bearish continuation rally. Shorter term, the 1 hour chart presents a negative tone, as the price develops below its 20 SMA whilst the technical indicators head south below their mid-lines."
"In the 4 hours chart however, the pair maintains a neutral-to-bearish stance, as the price is now below a horizontal 20 SMA at 0.7390, whilst the technical indicators have turned lower around their mid-lines. At this point however, the pair needs to break below the multi-year low set at 0.7327 last week, to confirm a new leg lower, eyeing then the 0.7200 level as the next big bearish target."