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13 May 2015
AUD/USD: Set four-month highs - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that AUD/USD set a fresh 4-month high of 0.8123 this Wednesday.
Key Quotes:
"The pair started the day with a negative tone, amid weak Chinese macroeconomic data, as Industrial Production, Retail Sales and Urban Investment all missed expectations in April."
"But the Australian dollar shrugged of the negative data of its commercial partner, and advanced steadily for the rest of the day."
"The fact that the RBA will likely refrain from cutting its interest rates further this year alongside with dollar weakness supports a continued advance in the pair for the upcoming sessions."
"Short term, the 1 hour chart shows that the technical indicators are beginning to look exhausted in overbought territory, whilst the 20 SMA maintains its strong upward slope."
"In the 4 hours chart, the 20 SMA gained upward strength, but stands well below the current level, whilst the technical indicators remain in overbought territory, also losing upward strength, but far from suggesting a bearish move during the upcoming hours."
Key Quotes:
"The pair started the day with a negative tone, amid weak Chinese macroeconomic data, as Industrial Production, Retail Sales and Urban Investment all missed expectations in April."
"But the Australian dollar shrugged of the negative data of its commercial partner, and advanced steadily for the rest of the day."
"The fact that the RBA will likely refrain from cutting its interest rates further this year alongside with dollar weakness supports a continued advance in the pair for the upcoming sessions."
"Short term, the 1 hour chart shows that the technical indicators are beginning to look exhausted in overbought territory, whilst the 20 SMA maintains its strong upward slope."
"In the 4 hours chart, the 20 SMA gained upward strength, but stands well below the current level, whilst the technical indicators remain in overbought territory, also losing upward strength, but far from suggesting a bearish move during the upcoming hours."