The amazing run of the Aussie finally peaked today at 0.7838,
slightly above the high marked on April 17th 2016. The pair retreated from the
mentioned high and is currently trading at 0.7800.
The excellent Chinese Q2 GDP data, which showed numbers beyond expectations,
supported the pair with next on the list RBA, that will release the minutes of
its latest meeting along with the upcoming June’s employment data.
The AUD/USD pair is keeping its power spirit despite the slight daily decline,
having in mind that is still holding around the area of the muti months peak.
On the four-hour time the price is developing well above its bullish 20-day SMA
with the 100-day SMA turning from flat to north. RSI and stochastic had corrected
from their extreme overbought conditions but yet remain well above their
mid-lines. Both are neither quite bearish, neither pointing out clear
direction.
Overall the positive mood remains despite the daily retracement and bulls are
targeting the 0.79 hurdle.
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