5 Jun 2015
AUD/USD: Bearish towards year low - FXStreet
FXStreet (Guatemala) - In respect Valeria Bednarik, chief analyst at FXStreet explained that the Aussie was under pressure ever since the day started overnight weighed by poor Australian macroeconomic data.
Key Quotes:
"Retail Sales for April showed no actual growth and came out flat at 0.0% whilst the Trade Balance deficit increased to 3,89 millions in the same month."
"The AUD/USD dropped down to the 0.7700 region with this news, from where it bounced up to 0.7762 during the European session, from where it finally retreated to fresh lows at 0.7665."
"Standing below the 0.7700 level, the 1 hour chart shows lower highs are being followed by lower lows, as the price develops below a strongly bearish 20 SMA and the technical indicators hold flat near oversold levels, all of which maintains the risk towards the downside."
"In the 4 hours chart, the price extended back below its 20 SMA, whilst the Momentum indicator heads sharply lower below the 100 level, and the RSI indicator hovers flat around 44, supporting the longer term view, and pointing for a test of the year low, established at 0.7543 early April."
Key Quotes:
"Retail Sales for April showed no actual growth and came out flat at 0.0% whilst the Trade Balance deficit increased to 3,89 millions in the same month."
"The AUD/USD dropped down to the 0.7700 region with this news, from where it bounced up to 0.7762 during the European session, from where it finally retreated to fresh lows at 0.7665."
"Standing below the 0.7700 level, the 1 hour chart shows lower highs are being followed by lower lows, as the price develops below a strongly bearish 20 SMA and the technical indicators hold flat near oversold levels, all of which maintains the risk towards the downside."
"In the 4 hours chart, the price extended back below its 20 SMA, whilst the Momentum indicator heads sharply lower below the 100 level, and the RSI indicator hovers flat around 44, supporting the longer term view, and pointing for a test of the year low, established at 0.7543 early April."