23 Mar 2015
AUD/USD: Failures ar 55 DMA significant
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7777 with a high of 0.7802 and a low of 0.7764.
AUD/USD has been capped at the 0.78 handle on a second attempt last week, and the pair cannot get above 0.7795 offered on the sticks so far this early on in the week having opened losing the handle. There is nothing to note n the calendar today and we await tomorrows Chinese data and a RBA's assistant governor speaking. Later int the week, we have US CPI's and then GDP at the end of the week.
Technically, the Aussie is under pressure with a number of failed attempts on the upside and on the 0l78 handle. The major concern was a lack of momentum to hold the pair in positive territory last week when it jumped up to test the space around the 55 DMA at 0.7866. Karen Jones, chief analyst at Commerzbank explained that she looks for a slide to the base of the 2 year down channel at 0.7528, which she would expect to see this hold the initial test.
AUD/USD has been capped at the 0.78 handle on a second attempt last week, and the pair cannot get above 0.7795 offered on the sticks so far this early on in the week having opened losing the handle. There is nothing to note n the calendar today and we await tomorrows Chinese data and a RBA's assistant governor speaking. Later int the week, we have US CPI's and then GDP at the end of the week.
Technically, the Aussie is under pressure with a number of failed attempts on the upside and on the 0l78 handle. The major concern was a lack of momentum to hold the pair in positive territory last week when it jumped up to test the space around the 55 DMA at 0.7866. Karen Jones, chief analyst at Commerzbank explained that she looks for a slide to the base of the 2 year down channel at 0.7528, which she would expect to see this hold the initial test.