20 Aug 2015
AUD/USD extending minor recovery below key 0.76 handle
FXStreet (Guatemala) - AUD/USD is currently trading 0.7349 with a high of 0.7357and a low of 0.7341.
AUD/USD has rallied on the back of a poor day for the greenback overnight in the US session. The CPI's fell in line with expectations but the FOMC minutes did not deliver for the hawks and bulls when those looking out for suggestions of a rate hike as soon as September would have been let down by the members that were downgrading inflation forecasts or by those who were not sure that the conditions had been met to warrant a hike. This has left the major in the upper end of the sideways channel of 12th August's rally without there being much in the way of impetus for the rest of the week from the calendar.
AUD/USD still a sell on rallies?
There has been some robust price action from the bulls in AUD/USD of late ever since the recent change of wording that from the RBA over the price of the Aussie. The major has spent this past month right above the trend across the lows since Aug 13th and weekly oscillators are crossing higher vs the broader and prominent downtrend. We have now broken the May 15thy downtrend and the downside momentum has been seriously damaged. 0.7600 is a psychological level that leaves the downside exposed on minor recovery attempts and below here remains a play on the short side.
AUD/USD has rallied on the back of a poor day for the greenback overnight in the US session. The CPI's fell in line with expectations but the FOMC minutes did not deliver for the hawks and bulls when those looking out for suggestions of a rate hike as soon as September would have been let down by the members that were downgrading inflation forecasts or by those who were not sure that the conditions had been met to warrant a hike. This has left the major in the upper end of the sideways channel of 12th August's rally without there being much in the way of impetus for the rest of the week from the calendar.
AUD/USD still a sell on rallies?
There has been some robust price action from the bulls in AUD/USD of late ever since the recent change of wording that from the RBA over the price of the Aussie. The major has spent this past month right above the trend across the lows since Aug 13th and weekly oscillators are crossing higher vs the broader and prominent downtrend. We have now broken the May 15thy downtrend and the downside momentum has been seriously damaged. 0.7600 is a psychological level that leaves the downside exposed on minor recovery attempts and below here remains a play on the short side.