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3 Mar 2015
AUD/USD: Bulls settle for 0.7840 double top
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7819 with a high of 0.7845 and a low of 0.7750.
AUD/USD is supported on the basis that the RBA didn't cut rates this time around, although markets are now expecting something to come as a certainty down the road which will keep a lid on any kind of minor correction in the pair, with 0.7840 coming as the cap so far. It was suggested that there could be action in the near future, so bets are in place for Q2 easing.
Meanwhile, from a technical point of view in the near term, Valeria Bednarik, chief analyst at FXStreet explained the 1 hour chart shows that the price holds above a strongly bullish 20 SMA currently around 0.7805. "The technical indicators maintain their bearish slopes, particularly with the Momentum indicator pressuring the 100 level, which should at least keep the upside limited."
AUD/USD is supported on the basis that the RBA didn't cut rates this time around, although markets are now expecting something to come as a certainty down the road which will keep a lid on any kind of minor correction in the pair, with 0.7840 coming as the cap so far. It was suggested that there could be action in the near future, so bets are in place for Q2 easing.
Meanwhile, from a technical point of view in the near term, Valeria Bednarik, chief analyst at FXStreet explained the 1 hour chart shows that the price holds above a strongly bullish 20 SMA currently around 0.7805. "The technical indicators maintain their bearish slopes, particularly with the Momentum indicator pressuring the 100 level, which should at least keep the upside limited."