Forex: AUD/USD losing upside momentum; will dip-buyers show up?
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AUD/USD
FXstreet.com (Barcelona) - The AUDUSD found a peak at 1.0292 after Aus upbeat jobs report managed to engineer momentum to break past 1.0275 but not enough to sustain gains above it, with sellers currently on a tight battle to gain back the upper-hand. The spot rate is marginally sub-1.0250 at the time of writing, some 15 pips or 0.11% below NY close.
In view of Valeria Bednarik, Chief Analyst at FXstreet.com, "the hourly chart shows 20 SMA above current price and holding a slightly bullish slope, although indicators turned neutral and stand around their midlines. In the 4 hours chart there is also a limited bullish tone with indicators in positive territory yet loosing early upward momentum: further recoveries may come as long as above 1.0220 area, with 1.0335 as next strong resistance level to break."
According to Greg McKenna, CEO at LightHouse Securities: "After the employment data I thought AUD could head toward a retest of the down trend line, but the 200 day MA offered solid resistance at 1.0292. I can't see it getting back up to or through this level now on the day and a break of 1.0250 would open the way toward 1.0225/30 with further support at 1.0205. Longer term the dailies are still pointing down but until the range breaks at 1.0150 the move toward 0.9970 is on hold."
A third take in the AUDUSD is presented by FXWW Founder Sean Lee, noting that banks report are still informing clients that offers remain very heavy in the vicinity of 1.0300, successively capping the upside through the European and US trade; "risk factors for today will be the G7 in Japan and the MAS decision, but AUDUSD should stay inside a broad 1.0220/1.0320 range" Sean said.
In view of Valeria Bednarik, Chief Analyst at FXstreet.com, "the hourly chart shows 20 SMA above current price and holding a slightly bullish slope, although indicators turned neutral and stand around their midlines. In the 4 hours chart there is also a limited bullish tone with indicators in positive territory yet loosing early upward momentum: further recoveries may come as long as above 1.0220 area, with 1.0335 as next strong resistance level to break."
According to Greg McKenna, CEO at LightHouse Securities: "After the employment data I thought AUD could head toward a retest of the down trend line, but the 200 day MA offered solid resistance at 1.0292. I can't see it getting back up to or through this level now on the day and a break of 1.0250 would open the way toward 1.0225/30 with further support at 1.0205. Longer term the dailies are still pointing down but until the range breaks at 1.0150 the move toward 0.9970 is on hold."
A third take in the AUDUSD is presented by FXWW Founder Sean Lee, noting that banks report are still informing clients that offers remain very heavy in the vicinity of 1.0300, successively capping the upside through the European and US trade; "risk factors for today will be the G7 in Japan and the MAS decision, but AUDUSD should stay inside a broad 1.0220/1.0320 range" Sean said.
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