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AUD/USD: bearish tone still prevails - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD pair closed the day with limited losses, but not before setting a fresh weekly low of 0.7181 during the previous Asian session, following a sharp decline in Chinese stocks.

    Key Quotes:

    "The pair hovered between gains and losses afterwards, finally ending the day a few pips above the 0.7200 level, helped by the sharp advance in stocks. During the upcoming hours, China will release some minor housing data, alongside with the September CB Leading Economic index, and while none of them is usually a big market mover, disappointing results may put the Aussie under pressure.

    Short term, the 1 hour chart presents a neutral stance, with the price developing a few pips below a horizontal 20 SMA and the technical indicators hovering around their mid-lines with no actual directional strength.

    In the 4 hours chart however, the bearish tone prevails, as the 20 SMA maintains a strong bearish slope above the current level, whilst the technical indicators turned south in negative territory, after failing to extend beyond their mid-lines."
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