13 Aug 2015
AUD/USD: 0.7450 remains key resistance - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that AUD/USD pair fell down to 0.7214 during the past Asian session and following the second move from the Chinese Central Bank, although finally recovered and extended its advance, approaching the 0.7400 level by the end of the day.
Key Quotes:
"The Aussie was helped by RBA's Lowe comments, who said that he sees that the current AUD level is enough to support the economic growth, whilst he does not expect further rate cuts giving the rising household debt levels."
"Some selling interest continues to cap the pair around the mentioned figure, and the 1 hour chart shows that the technical indicators are now retreating from overbought levels, although the 20 SMA maintains a strong bullish tone below the current level, suggesting the risk remains towards the upside."
"In the 4 hours chart, the price is now above a bearish 20 SMA, whilst the technical indicators have corrected oversold readings, but lost their upward potential around their mid-lines. At this point, the pair needs to beat sellers around 0.7450 to be able to extend its gains during the upcoming sessions."
Key Quotes:
"The Aussie was helped by RBA's Lowe comments, who said that he sees that the current AUD level is enough to support the economic growth, whilst he does not expect further rate cuts giving the rising household debt levels."
"Some selling interest continues to cap the pair around the mentioned figure, and the 1 hour chart shows that the technical indicators are now retreating from overbought levels, although the 20 SMA maintains a strong bullish tone below the current level, suggesting the risk remains towards the upside."
"In the 4 hours chart, the price is now above a bearish 20 SMA, whilst the technical indicators have corrected oversold readings, but lost their upward potential around their mid-lines. At this point, the pair needs to beat sellers around 0.7450 to be able to extend its gains during the upcoming sessions."