13 May 2015
AUD/USD retains bullish tone post RBNZ-led dip
FXStreet (Bali) - AUD/USD has retained its bullish tone following an initial dip towards 0.7950 after the RBNZ FSR-led volatility, with the rate currently at 0.7980.
The Aussie has been the strongest currency on Tuesday, with the sentiment having recently turned bullish following the new-found neutral monetary policy rhetoric by the RBA.
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The 1 hour chart shows that the 20 SMA heads strongly higher in the 0.7950 region, whilst the Momentum indicator diverges lower from overbought levels, and the RSI indicator regains the upside around 71"
"In the 4 hours chart, the 20 SMA is turning slightly higher around 0.7910, still lacking clear directional strength, although the Momentum indicator maintains its bullish slope above 100 and the RSI indicator also heads north around 64, supporting a bullish continuation, with support now at 0.7940, and as long as above it, downward movements should be understood as corrective", Valeria added.
The Aussie has been the strongest currency on Tuesday, with the sentiment having recently turned bullish following the new-found neutral monetary policy rhetoric by the RBA.
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The 1 hour chart shows that the 20 SMA heads strongly higher in the 0.7950 region, whilst the Momentum indicator diverges lower from overbought levels, and the RSI indicator regains the upside around 71"
"In the 4 hours chart, the 20 SMA is turning slightly higher around 0.7910, still lacking clear directional strength, although the Momentum indicator maintains its bullish slope above 100 and the RSI indicator also heads north around 64, supporting a bullish continuation, with support now at 0.7940, and as long as above it, downward movements should be understood as corrective", Valeria added.