25 Feb 2015
AUD/USD trips stops above 0.7850
FXStreet (Bali) - AUD/USD has been able to break resistance at 0.7850, with the next key technical level at 0.7875/85, which converges with Feb 6 trend high and the 38.2% fibonnaci of the 0.83/7625 decline.
Market focus will be now on HSBC Flash China PMI ar 01:45 GMT, likely to provide the next catalyst for either a break-out of a slide. At present, the USD remains weaker across the board after Yellen failed to provide any conclusive answer to better predict the timing of the Fed's rate 'lift-off'.
Technically, Jim Langlands, Founder at FXCharts, notes: "Above 0.7875/85 could see a run towards 0.7895 (23.6% of 0.8794/0.7625) and then to the 50% pivot of 0.8230/0.7625 at 0.7925. Above this could then see a run back towards the Fibo resistance at 0.7995 (61.8% of 0.8230/0.7625) for a more sustained look at 0.8000,. On the downside, other than 0.7850, Jim adds, "minor supports are seen at the 100/200 HMA’s at 0.7800/0.7790, a break of which may see the Aud back at 0.7775 and possibly at the session low at 0.7740 (daily Tenkan)."
Market focus will be now on HSBC Flash China PMI ar 01:45 GMT, likely to provide the next catalyst for either a break-out of a slide. At present, the USD remains weaker across the board after Yellen failed to provide any conclusive answer to better predict the timing of the Fed's rate 'lift-off'.
Technically, Jim Langlands, Founder at FXCharts, notes: "Above 0.7875/85 could see a run towards 0.7895 (23.6% of 0.8794/0.7625) and then to the 50% pivot of 0.8230/0.7625 at 0.7925. Above this could then see a run back towards the Fibo resistance at 0.7995 (61.8% of 0.8230/0.7625) for a more sustained look at 0.8000,. On the downside, other than 0.7850, Jim adds, "minor supports are seen at the 100/200 HMA’s at 0.7800/0.7790, a break of which may see the Aud back at 0.7775 and possibly at the session low at 0.7740 (daily Tenkan)."