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20 Apr 2015
AUD/USD bears resting up post heavy supply
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7720 with a high of 0.7827 and a low of 0.7710.
A strong downtrend in the Aussie has the major capped on last week's business and rally from 0.76 the figure having scored a high of 0.7841 post bullishness around the latest jobs data. However, the mood was short lived, and RBA's Stevens since voiced and signalled that rates could be cut again, leaving a bearish bias around the unit. All in all, the the greenback has been better bid at the start of the week also, but strongest vs the commodity currencies. Gold has dropped away heavily, losing around $18 between high and low.
Still, technically, the pair is some way up from the two month support line at 0.7490 that had menacing to the bulls earlier this month. However, should the downside gather pace again Karen Jones, chief analyst at Commerzbank suggests that should it give way, the October 2006 low at 0.7416 will be in focus again, followed by the 0.7369 July 2005 low. "Longer term the 61.8% Fibonacci retracement of the 2001-11 advance at 0.7180 could also be reached."
A strong downtrend in the Aussie has the major capped on last week's business and rally from 0.76 the figure having scored a high of 0.7841 post bullishness around the latest jobs data. However, the mood was short lived, and RBA's Stevens since voiced and signalled that rates could be cut again, leaving a bearish bias around the unit. All in all, the the greenback has been better bid at the start of the week also, but strongest vs the commodity currencies. Gold has dropped away heavily, losing around $18 between high and low.
Still, technically, the pair is some way up from the two month support line at 0.7490 that had menacing to the bulls earlier this month. However, should the downside gather pace again Karen Jones, chief analyst at Commerzbank suggests that should it give way, the October 2006 low at 0.7416 will be in focus again, followed by the 0.7369 July 2005 low. "Longer term the 61.8% Fibonacci retracement of the 2001-11 advance at 0.7180 could also be reached."