Aussie hit a new fresh four-month low at
0.7609 yesterday, a level that has not been visited since July 11th. And this
is where the AUD/USD pair found support after the stellar
performance of the NAB August business conditions survey figures.
Today the pair is seen higher and marked daily high at 0.7651, but currently is
tarding at 0.7631. The retreatment is mostly due to the China’s macro data that
was softer than expected.
Technically speaking, Aussie keeps its bearish stance since early November when
bulls lost the fight for the 0.77 handle. On the four hour time frame the price
is developing below its moving averages, all with bearish slopes. RSI is
hovering around 40 and has lost directional strength. Stochastic is showing
bullish momentum, but is yet far below its mid-line.
Yestarday’s low is providing immediate support and in case of breaking to
below, doors are opened for testing 0.7570 (early July’s low).
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