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AUD/USD bulls committing further targeting key 0.7280

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7271 with a high of 0.7276 and a low of 0.7247.

    AUD/USD trading with a bullish tone and is making fresh highs on the recent trade while supported previously by the 50 SMA on the hourly chart when the uptrend from 0.7165 commenced.

    China is back, having returned yesterday from the long week off setting with PBoC setting the CNY mid point at 6.3493 vs last close of 6.3537. So far there has not been a negative impact from China returning and risk mood continues to recover supporting the Aussie at levels that remains in the RBA's preferred bracket below 0.75c. The news from overnight came with the FOMC minutes that were not convincing one way or the other and leaves the greenback exposed to the downside.

    AUD/USD bullish trend igniting again?

    Technically, the pair was consolidating in overbought territory having scored through the base of the cloud on 0.7230 having also met R2 at 0.7246 earlier. Momentum indicators are turning higher again as price targets 0.7280 ahead of 0.7302.
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