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13 Apr 2015
AUD/USD presents a mild bearish tone - FXStreet
FXStreet (Bali) - AUD/USD presents a mild bearish tone into the upcoming week, notes Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
"The Australian dollar has fared well against dollar's momentum, finding support on RBA's decision to keep rates on hold for second month in a row. Nevertheless, the pair was rejected from the 50% retracement of its latest daily decline, and presents a mild bearish tone into the upcoming week."
"In these coming days, the pair will have to deal with local employment figures and the price of commodities, as the sharp decline in iron ore prices has limited the upside in the antipodean currency."
"Technically, the 1 hour chart shows that the price stands below the 38.2% retracement of the same rally around 0.7685 and a bearish 20 SMA, whilst the technical indicators have lost their upward potential and turned lower right below their mid-lines."
"In the 4 hours chart the 20 SMA converges with the mentioned Fibonacci level, while the technical indicators maintain a neutral stance around their mid-lines. Having been trading between Fibonacci levels, a break below the 23.6% retracement of the same rally at 0.7625 is required to confirm additional declines, whilst sellers will likely contain the pair in the 0.7705/0.7740 region.
Key Quotes
"The Australian dollar has fared well against dollar's momentum, finding support on RBA's decision to keep rates on hold for second month in a row. Nevertheless, the pair was rejected from the 50% retracement of its latest daily decline, and presents a mild bearish tone into the upcoming week."
"In these coming days, the pair will have to deal with local employment figures and the price of commodities, as the sharp decline in iron ore prices has limited the upside in the antipodean currency."
"Technically, the 1 hour chart shows that the price stands below the 38.2% retracement of the same rally around 0.7685 and a bearish 20 SMA, whilst the technical indicators have lost their upward potential and turned lower right below their mid-lines."
"In the 4 hours chart the 20 SMA converges with the mentioned Fibonacci level, while the technical indicators maintain a neutral stance around their mid-lines. Having been trading between Fibonacci levels, a break below the 23.6% retracement of the same rally at 0.7625 is required to confirm additional declines, whilst sellers will likely contain the pair in the 0.7705/0.7740 region.