13 May 2015
AUD/USD solid at 0.7980 support
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7990 with a high of 0.8011 and a low of 0.7976.
AUD/USD was a 14-pip turnaround on the wage data. The pair was 0.7992 and then down to the 0.7978 but came back on opportunists in for dips at the 0.7980 support zone. Meanwhile, the Aussie has been a better performer of late and Valeria Bednarik, chief analyst at FXStreet explained that AUD/USD pressures the 0.8000 level, with the Australian dollar getting a lift from the strong recovery in commodities, as both, gold and oil, surged.
Technically, she explained "In the 4 hours chart, the 20 SMA is turning slightly higher around 0.7910, still lacking clear directional strength, although the Momentum indicator maintains its bullish slope above 100 and the RSI indicator also heads north around 64, all of which supports a bullish continuation. The key support comes now at 0.7940, and as long as above it, downward movements should be understood as corrective."
AUD/USD was a 14-pip turnaround on the wage data. The pair was 0.7992 and then down to the 0.7978 but came back on opportunists in for dips at the 0.7980 support zone. Meanwhile, the Aussie has been a better performer of late and Valeria Bednarik, chief analyst at FXStreet explained that AUD/USD pressures the 0.8000 level, with the Australian dollar getting a lift from the strong recovery in commodities, as both, gold and oil, surged.
Technically, she explained "In the 4 hours chart, the 20 SMA is turning slightly higher around 0.7910, still lacking clear directional strength, although the Momentum indicator maintains its bullish slope above 100 and the RSI indicator also heads north around 64, all of which supports a bullish continuation. The key support comes now at 0.7940, and as long as above it, downward movements should be understood as corrective."