AUD/USD: heavy and bearish indicators - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the Australian dollar has advanced up to 0.7248 against the greenback, with the Antipodean currency finding demand early Asia, following the sharp rally posted Monday by base metals.

    Key Quotes:

    "The AUD/USD pair, however, was unable to sustain gains above .7240, a strong static resistance level, and eased some before the closing bell, mostly due to the lack of volumes across the financial world and ahead of the Christmas holidays which will keep most financial markets closed since mid Thursday.

    From a technical point of view, the pair is poised to continue easing, as in the 1 hour chart, the price is about to break below its 20 SMA, while the technical indicators continue retreating from overbought readings, and remain within positive territory.

    In the 4 hours chart, the Momentum indicator has turned sharply lower, still holding above its 100 level, while the RSI indicator heads lower around 58 and the 20 SMA continues heading higher far below the current level, around 0.7165."
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