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10 Dec 2014
AUD bearish trend deeply in place - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the AUD showed little progress against the greenback despite the wide intraday ranges, ending the day again around the 0.8300 level in the handover to Asia.
Key Quotes:
“Disappointing Australian data sent the pair to a fresh 4-year low of 0.8216, from where the pair advanced up to 0.8370 later on the day”.
“The 1 hour chart shows indicators retracing from overbought territory, while the price approaches to its 20 SMA flat around 0.8285 offering immediate short term support”.
“In the 4 hours chart, price remains below a bearish 20 SMA and the pair was unable to open a candle above it reflecting the strong selling interest around the pair, while indicators corrected oversold readings but remain in negative territory”.
“The bearish trend remains well in place, and it would take some steady advance above the 0.8550 level to confirm a stronger upward move in Aussie”.
Key Quotes:
“Disappointing Australian data sent the pair to a fresh 4-year low of 0.8216, from where the pair advanced up to 0.8370 later on the day”.
“The 1 hour chart shows indicators retracing from overbought territory, while the price approaches to its 20 SMA flat around 0.8285 offering immediate short term support”.
“In the 4 hours chart, price remains below a bearish 20 SMA and the pair was unable to open a candle above it reflecting the strong selling interest around the pair, while indicators corrected oversold readings but remain in negative territory”.
“The bearish trend remains well in place, and it would take some steady advance above the 0.8550 level to confirm a stronger upward move in Aussie”.