7 May 2015
AUD/USD: 0.8075 on the horizon - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD pair reached a daily high of 0.8030 before shedding half of its intraday gains, with investors taking profits out of the table ahead of Australian employment figures to be released during the upcoming Asian session.
Key Quotes:
"Market's expectations are of an increase in the unemployment rate up to 6.2% from current 6.1%, whilst employment creation is anticipated to have been weak in April, spooking short term buyers."
"Technically, the 1 hour chart shows that the price is now below a bullish 20 SMA, although the technical indicators are holding above their mid-lines, and even attempting to recover, which should keep the downside limited in the short term."
"In the 4-hours chart the 20 SMA presents a strong upwards slope in the 0.7900 region, although the technical indicators are retracing from overbought levels, still well into positive territory."
"Should the data surprise to the upside, the pair will likely resume its advance past the 0.8030 daily high and attempt a retest of the 0.8075 weekly high."
Key Quotes:
"Market's expectations are of an increase in the unemployment rate up to 6.2% from current 6.1%, whilst employment creation is anticipated to have been weak in April, spooking short term buyers."
"Technically, the 1 hour chart shows that the price is now below a bullish 20 SMA, although the technical indicators are holding above their mid-lines, and even attempting to recover, which should keep the downside limited in the short term."
"In the 4-hours chart the 20 SMA presents a strong upwards slope in the 0.7900 region, although the technical indicators are retracing from overbought levels, still well into positive territory."
"Should the data surprise to the upside, the pair will likely resume its advance past the 0.8030 daily high and attempt a retest of the 0.8075 weekly high."