28 Jul 2015
AUD/USD: Short-term is bearish - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst is FXStreet noted that AUD/USD has erased all of its intraday gains, finding selling interest on an intraday advance up to 0.7324.
Key Quotes:
"Poor industrial profits data from China once again fuelled concerns over China’s economy slowdown resulting in Shanghai stocks plummeting nearly 8.5% today, and weighing on the Aussie."
"The short term tone is bearish, as the 1 hour chart shows that the price is now below its 20 SMA, whilst the technical indicators head south below their mid-lines. In the 4 hours chart, the intraday recovery was rejected by a bearish 20 SMA, currently around 0.7315, whilst the technical indicators maintain a weak tone well below their mid-lines, and particularly the RSI indicator heading lower around 37, supporting a new leg lower, particularly on a break below 0.7260, the multi-year low posted last week."
Key Quotes:
"Poor industrial profits data from China once again fuelled concerns over China’s economy slowdown resulting in Shanghai stocks plummeting nearly 8.5% today, and weighing on the Aussie."
"The short term tone is bearish, as the 1 hour chart shows that the price is now below its 20 SMA, whilst the technical indicators head south below their mid-lines. In the 4 hours chart, the intraday recovery was rejected by a bearish 20 SMA, currently around 0.7315, whilst the technical indicators maintain a weak tone well below their mid-lines, and particularly the RSI indicator heading lower around 37, supporting a new leg lower, particularly on a break below 0.7260, the multi-year low posted last week."