AUD / USD remains raised today, keeping most of yesterday's gains. To be fair, it is not difficult for prices to hold onto gains Monday as market sentiment is generally seen as bullish rallies worldwide Stocks yesterday. Asian session today remains bullish as well, fueled by better than expected US economic data yesterday, which helped the bulls to maintain the pressure, keeping prices above the flexible support 0,08 which is also the ceiling of the consolidation area found March 13.
timetable
However, it should also be noted that the downward pressure that way. 0.91 round figure remains a bridge too far for the bulls to cross, and the last rally this morning, spurred by the release of RBA minutes failed to overcome key level that undermines the case for further bullish attempt. Nevertheless, we should not be too harsh on the bulls RBA minutes that was not really the hawkish to start. The central bank said they would keep rates steady moving forward, which means that there would be no rate cuts to come in the near future, but that position has already been revealed at the actual policy statement earlier and should not have been a reason for bullishness in AUD / USD. Therefore, the blame should not be placed on the bulls failed to climb above 0.91, and instead we should continue to focus on securing support 0,08 which suggest that a good criterion 0.91 may be possible to move forward.
Stochastic indicator is also rising by Stoch curve is inverted and is currently top score with curve Stoch likely to cross the signal line soon. Even if that happens above the oversold region, the last tank was also formed around the same level, which increases the reliability of this bullish signal that forms.
Table Daily
daily chart is bullish, but the prices will preferably need to climb above .915 and ideally above 0.916 in order to demonstrate the strongest conviction rising. This is necessary because the general direction in AUD is bearish and therefore it is not unreasonable to ask the strong confirmation. In addition, we are on the verge of a breakout, and if it is really confirmed that we could see a sharp followed by the bullish bias that will more than offset the opportunity cost to buy above resistance 0.07.
Basically, it seems that Australia's economy can turn the corner. The latest employment figures were much better than expected, while the number of inflation are healthy as well. Therefore, the risk of deflation is low and given that the RBA is more slashing rates decrease the potential for AUD / USD to climb higher. However, China's economic figures continue to be a concern and Australia can still be pulled down by its largest trading partner, with no fault of his own. In addition, with USD continues to look strong, it is very unlikely that AUD / USD will be able to climb all the way to parity easily, and traders who want to play a story resurface AUD may wish to pair with other currency that is lower than that of USD strengthens
links :.
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This article is only for general information purposes. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or its subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
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Read More : AUD/USD – Bullish Above 0.08 Despite 0.91 Bearish Rejection
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