During
the recent years the Aussie has become a favoured vehicle for traders. The attractiveness
is written by the interest rate differential in
the pairing, which enrolled security due to the opportunity to earn rollover
for being long on AUD/USD. Well the massive bull run is not seen lately, as the
pair is strongly correlated with economic difficulties in China along with the
bearishness in commodities and metals market. Currently the Aussie is elegantly
wasted in the lustreless frame of
Autralia’s financial development.
The recent tides on the forex market brought ebb. The pair marked three-weeks low at 0.7545, mainly influenced by the dovish RBA this morning.
The recent tides on the forex market brought ebb. The pair marked three-weeks low at 0.7545, mainly influenced by the dovish RBA this morning.
AUD/USD took steeper move to downwards and surpassed the significant support at
0.7588 (61.8% FIbonacci retracement of 0.7489 to 0.7747). This figure increases
the risk of longer term decline, which finds confirmation with technical
indicators, as it’s clearly seen on the four-hour time frame. Both RSI and
stochastic are located within extreme oversold territory, but have lost
directional strength, while the 20-day SMA has turned sharply to south.Fresh bears will attempt to test 0.7540, but more important
is to be aware of 0.7380.
As INXS sing, this ain’tthe good life. Don’t look at all that shines, the spirit is not running with
this pair.
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