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19 Mar 2015
AUD/USD: 0.7590 is critical support - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the conditions surrounding the AUD/USD.
Key Quotes:
"The Australian dollar fell down to 0.7611 again at the American Chamber of Commerce in Australia luncheon, in Melbourne, and the market will be looking for any clues on upcoming economic policy moves."
"In the meantime, the technical picture favors the downside in the short term, as in the 1 hour chart, the price holds steady near the daily low and well below its 20 SMA, whilst the technical indicators are consolidating near oversold levels."
"In the 4 hours chart the bearish momentum has lost strength, as after crossing their mid-lines, the technical indicators are now turning flat, whilst the 20 SMA offers intraday resistance in the 0.7655 price zone. Wednesday low at 0.7590 is not the critical support as a break below it should lead to a continued decline towards this year low around 0.7555 in the short term."
Key Quotes:
"The Australian dollar fell down to 0.7611 again at the American Chamber of Commerce in Australia luncheon, in Melbourne, and the market will be looking for any clues on upcoming economic policy moves."
"In the meantime, the technical picture favors the downside in the short term, as in the 1 hour chart, the price holds steady near the daily low and well below its 20 SMA, whilst the technical indicators are consolidating near oversold levels."
"In the 4 hours chart the bearish momentum has lost strength, as after crossing their mid-lines, the technical indicators are now turning flat, whilst the 20 SMA offers intraday resistance in the 0.7655 price zone. Wednesday low at 0.7590 is not the critical support as a break below it should lead to a continued decline towards this year low around 0.7555 in the short term."