AUD/USD: bulls done for the week at R2?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7253 with a high of 0.7262 and a low of 0.7251.

    AUD/USD has held its bullish tone above the 50 DMA and the FOMC minutes supported the positive trend. The main takeaway from the minutes were that many of the members see a rate hike coming this year as the conditions improve, despite their concerns of global growth and inflation lagging in the US.

    AUD/USD bull trend moving into consolidation

    Technically, the pair has now moved into overbought territory having scored through the base of the cloud on 0.7230 and also met R2 at 0.7246. Momentum indicators are reversing while the cross starts to consolidate. On a follow through, 0.7280 is the next level ahead of 0.7302.
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