24 Mar 2015
AUD/USD: Printed fresh 4 week highs - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the Australian dollar advanced to a fresh 4-week high against the greenback.
Key Quotes:
"There was no catalyst behind Aussie strength, although the currency is finding some support from rising gold prices, as the metal approaches the $1,200 an ounce level."
"Technically, the 1 hour chart shows that the price extended well above a strongly bullish 20 SMA, whilst the technical indicators are biased higher above their mid-lines, supporting some further advances. In the 4 hours chart the Momentum indicator heads sharply higher, despite being in extreme overbought territory, whilst the RSI indicator also heads strongly up around the 70 level."
"Additionally, the pair has moved above its 200 EMA in the 4 hours chart, for the first time since September last year, something that usually signals a midterm continuation into the direction of the break."
"The next resistance comes now at 0.7915, with a break above it probably supporting a test of the 0.8000 figure for the upcoming sessions."
Key Quotes:
"There was no catalyst behind Aussie strength, although the currency is finding some support from rising gold prices, as the metal approaches the $1,200 an ounce level."
"Technically, the 1 hour chart shows that the price extended well above a strongly bullish 20 SMA, whilst the technical indicators are biased higher above their mid-lines, supporting some further advances. In the 4 hours chart the Momentum indicator heads sharply higher, despite being in extreme overbought territory, whilst the RSI indicator also heads strongly up around the 70 level."
"Additionally, the pair has moved above its 200 EMA in the 4 hours chart, for the first time since September last year, something that usually signals a midterm continuation into the direction of the break."
"The next resistance comes now at 0.7915, with a break above it probably supporting a test of the 0.8000 figure for the upcoming sessions."