1 Sep 2014
AUD/USD retreating modestly ahead of RBA
FXStreet (Córdoba) - The AUD/USD gained momentum and recovered on Monday after opening the week with a bearsih gap, but the upside found resistance around 0.9350. During the last horus the pair has been moving slowly with a downside bias ahead of the RBA decision, that will be announced on Tuesday at 04:30 GMT.
Price is about to end Monday near daily lows, around 0.9330/35, at the same level it closed last Friday.
AUD/USD technical outlook
“Technically the pair is gaining short term bearish tone, with the hourly chart showing price below a flat 20 SMA and indicators grinding lower in negative territory, keeping the pressure to the downside”, say Valeria Bednarik, Chief Analyst at FXStreet.
According to Bednarik, a price acceleration through 0.9330 “should anticipate a stronger decline, with further selling interest below 0.9300 exposing the 0.9260/70 price zone.”
Price is about to end Monday near daily lows, around 0.9330/35, at the same level it closed last Friday.
AUD/USD technical outlook
“Technically the pair is gaining short term bearish tone, with the hourly chart showing price below a flat 20 SMA and indicators grinding lower in negative territory, keeping the pressure to the downside”, say Valeria Bednarik, Chief Analyst at FXStreet.
According to Bednarik, a price acceleration through 0.9330 “should anticipate a stronger decline, with further selling interest below 0.9300 exposing the 0.9260/70 price zone.”