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13 Mar 2015
AUD/USD: Testing support ahead of psychological figure
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7626 with a high of 0.7710 and a low of 0.7609.
AUD/USD is lower on a broad based strong dollar, but the Aussie is holding up relatively well amongst its counterparts, with only a partial correction of yesterdays gains. The major is now testing support however, and then it has the psychological 0.76 round level to contend with.
Technically, Karen Jones, chief analyst at Commerzbank noted and explained that the AUD/USD recently charted a marginal new low for the year (and new 5 year low) that was not confirmed by the RSI and has shot higher. "It is possible that the pattern developing is a potential falling wedge reversal pattern", she added. Meanwhile, we are cruising into the RBA's preferred range of between 0.75 and 0.7550.
AUD/USD is lower on a broad based strong dollar, but the Aussie is holding up relatively well amongst its counterparts, with only a partial correction of yesterdays gains. The major is now testing support however, and then it has the psychological 0.76 round level to contend with.
Technically, Karen Jones, chief analyst at Commerzbank noted and explained that the AUD/USD recently charted a marginal new low for the year (and new 5 year low) that was not confirmed by the RSI and has shot higher. "It is possible that the pattern developing is a potential falling wedge reversal pattern", she added. Meanwhile, we are cruising into the RBA's preferred range of between 0.75 and 0.7550.