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15 May 2015
AUD/USD closing above key 0.8020
FXStreet (Guatemala) - AUD/USD is currently trading at 0.8033 with a high of 0.8090 and a low of 0.7995.
AUD/USD is closing the week on the 0.80 handle but is contained by the descending resistance line that commenced mind week from in the 0.8160's. Commodity currencies got a lift with the price of oil staging a come back but this was a brief show. The risk events ahead next week start with RBA Deputy Governor Lowe Speech before the minutes of the last RBA meeting, consumer sentiment and inflation details later in the week. This is all followed by US CPI's on Friday.
Technically, the pair is bid while above 0.7560 and the April rally. Analysts at OUB Group explained earlier in the week that overbought short-term indicators could lead to a pull-back first before moving higher but as long as 0.8020 was not taken out.
"The current movement is likely just the beginning of a strong rally that could extend much higher in the coming weeks." The market has been lower than this since these comments, but interestingly the major is closing higher and offers a bullish entry to next week. Today, the analysts added however," Short-term pressure is still on the downside and only a break back above 0.8105 would suggest that the downward pressure has eased."
AUD/USD is closing the week on the 0.80 handle but is contained by the descending resistance line that commenced mind week from in the 0.8160's. Commodity currencies got a lift with the price of oil staging a come back but this was a brief show. The risk events ahead next week start with RBA Deputy Governor Lowe Speech before the minutes of the last RBA meeting, consumer sentiment and inflation details later in the week. This is all followed by US CPI's on Friday.
Technically, the pair is bid while above 0.7560 and the April rally. Analysts at OUB Group explained earlier in the week that overbought short-term indicators could lead to a pull-back first before moving higher but as long as 0.8020 was not taken out.
"The current movement is likely just the beginning of a strong rally that could extend much higher in the coming weeks." The market has been lower than this since these comments, but interestingly the major is closing higher and offers a bullish entry to next week. Today, the analysts added however," Short-term pressure is still on the downside and only a break back above 0.8105 would suggest that the downward pressure has eased."