Aussie continues to run on the downside and
today dropper to four week low, having marked daily low at 0.7805
with closure around 0.7820.
The minutes of the latest RBA rate decision are hinting some disinflationary impact of the strong currency and are
taking note of a potential economic slowdown in case the Australian Dollar
extends the rally.
However, the pair’s decline was much more supported by the US Dollar’s strength
today due to the US upbeat retail sales report today.
The four-hour time frame is showing that the price has crossed to below its
20-day SMA, while the 200-day SMA pushed above it. RSI ans stochastic are
displaying strong bearish momentum and are currently located within oversold
territories.
Strong support is seen at 0.7785 (July’s low) and in case of breaking it, bears
might attempt next one at 0.7740. Looking to upside, first resistance is located
at 0.7860 and second at the physiological level at 0.7900.
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