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AUD/USD: Back in to the bears cage – FXStreet


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FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that the Australian dollar fell down to 0.7862 against the greenback, erasing most of its latest gains.

Key Quotes:


“The pair broke the critical 0.8000 figure during the Asian session, following a dovish RBNZ that down-talked the NZD.”


“The break below the figure triggered stops and with metals back in the red, it was all the way down for the AUD/USD pair during most of the day.”


“Having recovered some ground during the US afternoon, the 1 hour chart shows that the price stands well below its 20 SMA, currently offering an immediate resistance in the 0.7940 region, whilst the technical indicators recovered from oversold levels but show no upward momentum, suggesting current recovery is just corrective.”


“In the 4 hours chart, the price stands well below its 20 SMA that anyway maintains a bullish slope, whilst the Momentum indicator heads strongly lower below 100 and the RSI indicator also heads south around 48, all of which supports additional declines should the price remain below the 0.7940 level.”