21 Jul 2015
AUD/USD: RBA minutes to turn on the heat - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that AUD/USD sunk to a fresh 6-year low of 0.7327 as metals, and particularly gold, nosedived during the previous Asian session.
Key Quotes:
"Gold fell down to $1,071.03 a troy ounce after China revealed its holds, well below market expectations. As for the AUD/USD pair, it attempted an intraday recovery, but found sellers on an approach to the 0.7400 level, now the immediate intraday resistance."
"Upcoming movements will be most likely dependent on the RBA's Minutes from the latest meeting, and the tone of Governor Glenn Stevens, as if somehow is dovish, the Aussie will likely resume its decline."
"Short term, the 1 hour chart shows that the price stands above a flat 20 SMA, currently around 0.7360, whilst the Momentum indicator turned lower above the 100 level and the RSI indicator lacks directional strength in neutral territory. In the 4 hours chart, however, the 20 SMA capped the upside around the daily high, whilst the technical indicators also lack directional strength, but stand below their mid-lines, inclining the balance towards the downside."
Key Quotes:
"Gold fell down to $1,071.03 a troy ounce after China revealed its holds, well below market expectations. As for the AUD/USD pair, it attempted an intraday recovery, but found sellers on an approach to the 0.7400 level, now the immediate intraday resistance."
"Upcoming movements will be most likely dependent on the RBA's Minutes from the latest meeting, and the tone of Governor Glenn Stevens, as if somehow is dovish, the Aussie will likely resume its decline."
"Short term, the 1 hour chart shows that the price stands above a flat 20 SMA, currently around 0.7360, whilst the Momentum indicator turned lower above the 100 level and the RSI indicator lacks directional strength in neutral territory. In the 4 hours chart, however, the 20 SMA capped the upside around the daily high, whilst the technical indicators also lack directional strength, but stand below their mid-lines, inclining the balance towards the downside."