31 Jul 2015
AUD/USD: posting fresh yearly lows - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD pair has posted a fresh multi-year low, a few pips below the previous one at 0.7253, from where it bounced back to the 0.7290, maintaining anyway its dominant bearish trend.
Key Quotes:
"Earlier in the day, the commodity currency fell on the back of poor Australian data, as the trend estimate for total dwellings approved fell 1.2% in June, falling for the fourth month in a row. The seasonally adjusted estimate for total dwellings approved fell 8.2% in June following a rise of 2.3% in the previous month, according to the official release."
"Short term, the 1 hour chart shows that the price continues developing below a bearish 20 SMA whilst the technical indicators resumed their declines below their mid-lines, keeping the risk towards the downside. In the 4 hours chart, the 20 SMA stands flat above the current price, whilst the technical indicators are aiming to recover, but well below their mid-lines, anticipating some range trading before a new directional move."
Key Quotes:
"Earlier in the day, the commodity currency fell on the back of poor Australian data, as the trend estimate for total dwellings approved fell 1.2% in June, falling for the fourth month in a row. The seasonally adjusted estimate for total dwellings approved fell 8.2% in June following a rise of 2.3% in the previous month, according to the official release."
"Short term, the 1 hour chart shows that the price continues developing below a bearish 20 SMA whilst the technical indicators resumed their declines below their mid-lines, keeping the risk towards the downside. In the 4 hours chart, the 20 SMA stands flat above the current price, whilst the technical indicators are aiming to recover, but well below their mid-lines, anticipating some range trading before a new directional move."