7 Mar 2016
AUD/USD: dubious on the 0.74 handle
AUD/USD is currently trading at 0.7410 with a high of 0.7425 and a low of 0.7397.
The calendar is quiet today but we have had a little price action in the Aussie before Tokyo opening, just over 25 pips between high and the low. The High was 0.7425 from a low of 0.7397 and the Australian construction PMI for Feb was 46.1 vs 46.3 prior, so very little happening for the pair today.
AUD/USD: too good to be true? - BBH
However, the Aussie has been quite a show of late and is in territory where, quite frankly, it may not belong. analysts at BBH explained, "As the currency appreciates, the central bank is likely to express its disapproval. An appreciating Aussie may boost the chances that the rate cycle is not complete."
AUD/USD levels
Valeria Bednarik, chief analyst at FXStreet explained that technically, "In the 4 hours chart, the RSI indicator maintains its bullish slope around 80, the Momentum indicator has turned slightly lower in overbought levels and the price stands far above a sharply bullish 20 SMA, all of which suggests that the pair can extend its rally after a limited downward corrective move."
The calendar is quiet today but we have had a little price action in the Aussie before Tokyo opening, just over 25 pips between high and the low. The High was 0.7425 from a low of 0.7397 and the Australian construction PMI for Feb was 46.1 vs 46.3 prior, so very little happening for the pair today.
AUD/USD: too good to be true? - BBH
However, the Aussie has been quite a show of late and is in territory where, quite frankly, it may not belong. analysts at BBH explained, "As the currency appreciates, the central bank is likely to express its disapproval. An appreciating Aussie may boost the chances that the rate cycle is not complete."
AUD/USD levels
Valeria Bednarik, chief analyst at FXStreet explained that technically, "In the 4 hours chart, the RSI indicator maintains its bullish slope around 80, the Momentum indicator has turned slightly lower in overbought levels and the price stands far above a sharply bullish 20 SMA, all of which suggests that the pair can extend its rally after a limited downward corrective move."