The Aussie started the new week optimistically and was seen above
the 0.76 mark during the early trading hours. But some bad marco data from
Australia slightly sloped to downwards the pair and the current market price is
0.7595.
RBA Governor Lowe’s speech last night pointed out the uplifted employment along
with the growing concerns about political opposition to reform energy
investment that might reverse the ongoing increase in economic climate.
Meanwhile Moody downgraded from Aa2 to Aa3 the credit rating of four of the
major Australian banks due to elevated risks in households.
Technically
speaking the four-hour time frame is showing mixed signs. The price has crossed
to below the 20-day SMA while the 100-day and 200-day SMAs are maintaining
bullish stance.
RSI is located close to its mid-line and is displaying bearish momentum.
Stochastic has retreated from overbought area and is also nearing mid-lines
whit sharp turn to south.
Regardless of the bearishness during the upcoming hours, the pair is not going
to be affected. Aussie is gaining strength to fight the first resistance at
0.7635 with next bulls’ target seen at 0.7680.
No comments:
Post a Comment