18 Aug 2015
AUD/USD remains robust on 0.73 handle
FXStreet (Guatemala) - AUD/USD is currently trading 0.7342 with a high of 0.7386 and a low of 0.7319.
AUD/USD is changing hands within a sideways pattern formation while there has been little impetus to move the price one way or the other, and instead the market is consolidated in the theme of a slightly more robust Aussie dollar while the price recovers from yearly lows.
The RBA minutes only really noted that the dollar could appreciate higher vs the Aussie when the Fed hikes and the markets reaction was very subdued to the same beat of the same drum from the RBA. The greenback has been quiet as well with little to work from while markets await the CPI's tomorrow. The FOMC minutes will also be the next big thing to come from this week for the pair. Meanwhile, Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD technical picture favours a downward continuation, as in the 1 hour chart, the price is developing below a bearish 20 SMA, whilst the technical indicators are posting tepid bounces from oversold levels, but remain well into negative territory.
AUD/USD bears momentum lagging
However, AUD/USD has spent a month right above the trend across the lows since Aug 13th and weekly oscillators are crossing higher vs the broader and prominent downtrend. The market has, however, broken the May 15thy downtrend and the downside momentum has been seriously damaged.
AUD/USD is changing hands within a sideways pattern formation while there has been little impetus to move the price one way or the other, and instead the market is consolidated in the theme of a slightly more robust Aussie dollar while the price recovers from yearly lows.
The RBA minutes only really noted that the dollar could appreciate higher vs the Aussie when the Fed hikes and the markets reaction was very subdued to the same beat of the same drum from the RBA. The greenback has been quiet as well with little to work from while markets await the CPI's tomorrow. The FOMC minutes will also be the next big thing to come from this week for the pair. Meanwhile, Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD technical picture favours a downward continuation, as in the 1 hour chart, the price is developing below a bearish 20 SMA, whilst the technical indicators are posting tepid bounces from oversold levels, but remain well into negative territory.
AUD/USD bears momentum lagging
However, AUD/USD has spent a month right above the trend across the lows since Aug 13th and weekly oscillators are crossing higher vs the broader and prominent downtrend. The market has, however, broken the May 15thy downtrend and the downside momentum has been seriously damaged.