19 Jun 2014
AUD/USD re-takes 0.94 on Yellen's dovishness
FXStreet (Bali) - AUD/USD was the best performing currency on Wed following a dovish Yellen, and is currently trading at 0.9398, down -0.11% since the NY close, having posted a daily high at 0.9411 and low at 0.9393.
The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish. At the time of writing, RSI is neutral at 59.92, down from 73.82 at the last hour close, while ADX is ranging at 17.29, down from 28.76 previous. Meanwhile, daily RSI is in neutral territory at 51.34. On the hourly AUD/USD chart, the 200 SMA is declining and currently at 0.9353, down from the previous hour close at 0.9373. On average, the exponential closing price for the past 20 days is 0.9338, with the trend indicating a rangebound movement ahead.
Technically, according to Jim Langlands, Founder at FXCharts: "The short term indicators are positive but we really need to clear the 12 June 0.9438 high in order to gain confidence of further progress and the dailies are not really suggesting that there is an awful lot of upside momentum from here, at least in the short term, although buying dips is probably still the gameplan."
Jim adds: "If 0.9440 can be taken out, stops will be triggered, which could then propel the Aud onto to the 11 April high at 0.9460, above which would suggest an attempt on 0.9500 (0.9495: 76.4% of 0.9757/0.8660)."
The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish. At the time of writing, RSI is neutral at 59.92, down from 73.82 at the last hour close, while ADX is ranging at 17.29, down from 28.76 previous. Meanwhile, daily RSI is in neutral territory at 51.34. On the hourly AUD/USD chart, the 200 SMA is declining and currently at 0.9353, down from the previous hour close at 0.9373. On average, the exponential closing price for the past 20 days is 0.9338, with the trend indicating a rangebound movement ahead.
Technically, according to Jim Langlands, Founder at FXCharts: "The short term indicators are positive but we really need to clear the 12 June 0.9438 high in order to gain confidence of further progress and the dailies are not really suggesting that there is an awful lot of upside momentum from here, at least in the short term, although buying dips is probably still the gameplan."
Jim adds: "If 0.9440 can be taken out, stops will be triggered, which could then propel the Aud onto to the 11 April high at 0.9460, above which would suggest an attempt on 0.9500 (0.9495: 76.4% of 0.9757/0.8660)."