Aussie gained traction today and is seen
hovering around mid 0.76s amid lack of
strong fundamentals DXY extended its downward slope to a fresh two week low,
backed up by weakened US dollar coming form the jitters surrounding the outcome
of the tax bills reforms.
Friday’s bottom has been left behind today’s gains and AUD/USD is entering the
Asian session in uplifted mood. Since marking low at 0.75 in 8th of December,
the pair has been recovering ground, supported by good macro data from
Australia.
Technically speaking, the short term outlook remains bullish. On the four hour
time frame the price is moving above all its moving averages, having 20-day SMA
with strong bullish momentum and flat 100-day and 200-day SMAs. RSI is located
around its 60 level, but has lost directional strength. Stochastic has turned
sharply to north although is at its mid-line.
Yet the 0.7700 remains critical zone and first bulls’ challenge and in case of
conquering it, doors are opened for testing 0.7730 (November’s high).
RBA minutes are due tomorrow with expectations of no change on its current monetary policy, but amid no major other news
and weak greenback, Aussie favors to the upside.
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