30 Apr 2015
AUD/USD: Bearish below key 0.8034 resistance
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7979 with a high of 0.8013 and a low of 0.7977 in early Asia.
AUD/USD has resumed the downside although has caught a minor bounce from 0.7980 support and up to test the 0.80 handle in a burnt out FX space considering the amount of volatility over the past few sessions. The Aussie is however in better shape as fundamental weakness starts to fade away somewhat, given the less negative data of late and less dovishness from the RBA.
The Greenback is stealing the show though and recent positioning in the market comes as a result of the GDP Q1 overnight and FOMC rescue statement. The Fed have suggested that while the GDP Q1 disappointments are acknowledged, the weakness in the economy is temporary. However, technically, the major still has some work to do to relieve the overall bearishness, for the medium term at least. Key resistance is comes at the 0.8034 early January low.
AUD/USD has resumed the downside although has caught a minor bounce from 0.7980 support and up to test the 0.80 handle in a burnt out FX space considering the amount of volatility over the past few sessions. The Aussie is however in better shape as fundamental weakness starts to fade away somewhat, given the less negative data of late and less dovishness from the RBA.
The Greenback is stealing the show though and recent positioning in the market comes as a result of the GDP Q1 overnight and FOMC rescue statement. The Fed have suggested that while the GDP Q1 disappointments are acknowledged, the weakness in the economy is temporary. However, technically, the major still has some work to do to relieve the overall bearishness, for the medium term at least. Key resistance is comes at the 0.8034 early January low.