The AUD/USD pair pushed
higher today extending the bullish sentiment started form May 9th. The pair
surpassed the 61.8% Fibonacci retracement of latest April to May bearish run
and surged to daily high at 0.7676. The Australian bulls were influenced by
better than expected numbers on economic growth for Q1 while the US agenda has nothing
to offer but however the pair retreated slightly from the daily high along with
US equities
Technically speaking the short term outlook remains neutral
to bullish. On the four hour time frame the price is developing well above its
moving averages with 20-day and 100-day SMAs aiming north and flat 200-day
SMA. RSI and stochastic had eased above their mid-lines with second once one
located within overbought area.
Having in mind that the pair failed to break above its daily
high and directionless indicators we might see again it around the support provided
by 61.8% Fibo at 0.7660. On the other hand the upcoming session will bring Australia’s
AIG Performance on Construction Index for May and the April trade balance
figures, which are supposed to show goodish figures more likely will give the Aussie an additional
boost. In this scenario bulls will try to fight the 0.77 level which if
broken will open doors for testing 0.7740.
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