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16 Mar 2015
AUD/USD: 0.7730 stands as key resistance near term
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7642 with a high of 0.7660 and a low of 0.7612.
A Market very short of AUD/USD has picked up some demand for the Aussie at the start of the week and is moving up away from the 0.7610/20 support zone with some early selling of the greenback at the start of the Asian week in Tokyo. There is very little to come from the calendar until the US opens with US Industrial Production and then tomorrows RBA minutes post a steady hand from the Central Bank when it lefts rates unchanged...
Valeria Bednarik, chief analyst at FXStreet explained that the market will be looking for clues on an upcoming rate cut, which she said should lead to further declines in the pair. " In the 4 hours chart," she added, "the price stands below a flat 20 SMA, whilst the Momentum indicator aims higher above 100 and the RSI indicator presents a tepid bullish slope around 44, suggesting the pair correct higher in the short term, although some steady gains above the mentioned 0.7730 level are required to confirm additional advances during the upcoming days."
A Market very short of AUD/USD has picked up some demand for the Aussie at the start of the week and is moving up away from the 0.7610/20 support zone with some early selling of the greenback at the start of the Asian week in Tokyo. There is very little to come from the calendar until the US opens with US Industrial Production and then tomorrows RBA minutes post a steady hand from the Central Bank when it lefts rates unchanged...
Valeria Bednarik, chief analyst at FXStreet explained that the market will be looking for clues on an upcoming rate cut, which she said should lead to further declines in the pair. " In the 4 hours chart," she added, "the price stands below a flat 20 SMA, whilst the Momentum indicator aims higher above 100 and the RSI indicator presents a tepid bullish slope around 44, suggesting the pair correct higher in the short term, although some steady gains above the mentioned 0.7730 level are required to confirm additional advances during the upcoming days."