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5 Jun 2014
AUD/USD gaining bullish momentum - FXStreet
FXStreet (Bali) - AUD/USD is fast approaching a key area of resistance at 0.9375/0.94, with a potential break above signaling that bulls may gain full control again, following weeks of stagnant price action, notes Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
"Commodity currencies had been among the most benefited up even before the release and not following European ones on their initial slides."
"The AUD/USD reached 0.9346 testing the static resistance level and retracing some, more on short term exhaustion that in self weakness: the hourly chart shows indicators losing strength in extreme overbought levels, not yet confirming a downward correction."
"In the 4 hours chart a mild bullish tone is present with room yet to extend: a daily descendant trend line coming from 0.9460 stands at 0.9375 offering a breakout point as if the pair ends the week above it, the bulls will get again full control."
Key Quotes
"Commodity currencies had been among the most benefited up even before the release and not following European ones on their initial slides."
"The AUD/USD reached 0.9346 testing the static resistance level and retracing some, more on short term exhaustion that in self weakness: the hourly chart shows indicators losing strength in extreme overbought levels, not yet confirming a downward correction."
"In the 4 hours chart a mild bullish tone is present with room yet to extend: a daily descendant trend line coming from 0.9460 stands at 0.9375 offering a breakout point as if the pair ends the week above it, the bulls will get again full control."