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25 Apr 2016
AUD/USD: upside may not be done yet until 0.7505
The US Dollar Index climbed for the second week in a row for the first time two months, capping the Australian dollar's big outside up day at the start of last week, crumbling over 100 pips into Friday's close.
AUD/USD made a key reversal having reached a marginal new high on the 21st April at 0.7826, but there was follow through supply on Friday in the U.S. shift below the 200 sma at 0.7731. For today, Australia and New Zealand are out, and without any tier-one data, we could be in for a quiet session ahead of what will be a busy week with the RBNZ and FOMC taking the spotlight.
Preview of the week ahead in the U.S. - Nomura
AUD/USD levels
Technically, we are some way from the vase of the channel at 0.7505 and only below here alleviates upside pressure while analysts at Brown Brothers Harriman noted that neither the RSI nor MACDs confirmed and a move now back above $0.7780 warns picking a top is still premature. "The next immediate target is $0.7685. A break could spur a move to retest the $0.7590-$0.7620 area."
AUD/USD made a key reversal having reached a marginal new high on the 21st April at 0.7826, but there was follow through supply on Friday in the U.S. shift below the 200 sma at 0.7731. For today, Australia and New Zealand are out, and without any tier-one data, we could be in for a quiet session ahead of what will be a busy week with the RBNZ and FOMC taking the spotlight.
Preview of the week ahead in the U.S. - Nomura
AUD/USD levels
Technically, we are some way from the vase of the channel at 0.7505 and only below here alleviates upside pressure while analysts at Brown Brothers Harriman noted that neither the RSI nor MACDs confirmed and a move now back above $0.7780 warns picking a top is still premature. "The next immediate target is $0.7685. A break could spur a move to retest the $0.7590-$0.7620 area."