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16 Mar 2015
AUD/USD: Turning bearish again short term - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the Aussie was also benefited by a weaker dollar.
Key Quotes:
"With the AUD/USD pair reaching a daily high of 0.7679 before retracing."
"The lower high daily basis has made of this latest upward move an upward correction rather than the beginning of a recovery, with the market eyeing upcoming RBA meeting's minutes later this week, and waiting for some tips over a possible upcoming rate hike."
"The short term picture shows that the pair is turning bearish, as in the 1 hour chart, the price struggles around a flat 20 SMA whilst the technical indicators present a mild bearish slope in neutral territory."
"In the 4 hours chart the price is moving back and forth around a flat 20 SMA, whilst the Momentum indicator gains bearish strength below the 100 level, and the RSI heads lower around 47, all of which increases the chances of a downward continuation, particularly on a break below the 0.7605 support."
Key Quotes:
"With the AUD/USD pair reaching a daily high of 0.7679 before retracing."
"The lower high daily basis has made of this latest upward move an upward correction rather than the beginning of a recovery, with the market eyeing upcoming RBA meeting's minutes later this week, and waiting for some tips over a possible upcoming rate hike."
"The short term picture shows that the pair is turning bearish, as in the 1 hour chart, the price struggles around a flat 20 SMA whilst the technical indicators present a mild bearish slope in neutral territory."
"In the 4 hours chart the price is moving back and forth around a flat 20 SMA, whilst the Momentum indicator gains bearish strength below the 100 level, and the RSI heads lower around 47, all of which increases the chances of a downward continuation, particularly on a break below the 0.7605 support."