27 Jul 2015
AUD/USD: six year lows and still bearish - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the AUD/USD pair sunk to its lowest level in over six years last week of 0.7259, ending it a few pips above it, and maintaining an overall negative tone.
Key Quotes:
"Commodity currencies suffered the most against the greenback as oil and gold traded sharply lower on speculation the US Federal Reserve will raise its main benchmark as soon as next September. Additionally, the RBA has maintained an accommodative stance, leaving the doors open for another rate cut this year."
"In the daily chat, the 20 SMA has fallen sharply alongside with the price, and now offers a strong dynamic resistance around the 0.7400 figure, whilst the technical indicators present strong bearish slopes below their mid-lines, all of which supports further declines."
"In the 4 hours chart, the 20 SMA also accelerated south above the current price, whilst the RSI indicator hovers around 32 and the Momentum indicator aims slightly higher well below the 100 level, in line with the longer term outlook."
Key Quotes:
"Commodity currencies suffered the most against the greenback as oil and gold traded sharply lower on speculation the US Federal Reserve will raise its main benchmark as soon as next September. Additionally, the RBA has maintained an accommodative stance, leaving the doors open for another rate cut this year."
"In the daily chat, the 20 SMA has fallen sharply alongside with the price, and now offers a strong dynamic resistance around the 0.7400 figure, whilst the technical indicators present strong bearish slopes below their mid-lines, all of which supports further declines."
"In the 4 hours chart, the 20 SMA also accelerated south above the current price, whilst the RSI indicator hovers around 32 and the Momentum indicator aims slightly higher well below the 100 level, in line with the longer term outlook."