The AUD/USD pair once
again failed to hold the psychological 0.8000 figure and reached session lows
today around the 0.7970-65 region. This
move was quite in line with the release of Q2 GDP growth numbers, which failed
to be positive.
However the decline was limited by a key
support, provided by the 61.8% Fibonacci retracement of latest up leg at 0.7965.
On the four hour time frame the price
sustain above the bullish 20-day SMA, while the 200-day SMA is staying flat
around 0.7935 and is acting as a second support. Indicators on the same chart
are showing mixed signs. RSI is located around its mid-line but has turned to
north and stochastic is displaying strong bearish momentum.
Both currencies have lost their charm
today with the US dollar less tempting. Bulls are about to return only above
0.8000 with next target set on 0.8065.
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