21 May 2015
AUD/USD: Risks are technically to the downside - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the Australian dollar consolidated around its weekly low, having recovered from a daily low of 0.7866, but being unable to regain the 0.7900 figure.
Key Quotes:
"Ever since the RBA opened doors for additional rate cuts this year, the Aussie has been under pressure, with intraday recoveries seen as selling opportunities."
"Technically, the 1 hour chart shows that the pair is in a consolidative stage, as the price hovers around a horizontal 20 SMA, whilst the technical indicators present mild bearish slopes around their mid-lines."
"In the 4 hours chart, the price stands a few pips above its 200 EMA, still unable to run below it, while the 20 SMA maintains a strong bearish slope, providing dynamic resistance around 0.7920."
"Also, in this last time frame, the RSI returned south around 39 while the Momentum indicator heads higher below 100, all of which maintains the risk towards the downside."
Key Quotes:
"Ever since the RBA opened doors for additional rate cuts this year, the Aussie has been under pressure, with intraday recoveries seen as selling opportunities."
"Technically, the 1 hour chart shows that the pair is in a consolidative stage, as the price hovers around a horizontal 20 SMA, whilst the technical indicators present mild bearish slopes around their mid-lines."
"In the 4 hours chart, the price stands a few pips above its 200 EMA, still unable to run below it, while the 20 SMA maintains a strong bearish slope, providing dynamic resistance around 0.7920."
"Also, in this last time frame, the RSI returned south around 39 while the Momentum indicator heads higher below 100, all of which maintains the risk towards the downside."