12 Jan 2015
Soft commodities send AUD/USD lower – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares that the AUD/USD stregth was thwarted after soft commodities in the European session sent the pair lower, currently below the 0.82 handle.
Key Quotes
“Gold surged to a fresh 5-week high, supporting the Australian dollar that advanced up to 0.8254 against the greenback. But commodities getting smashed in Europe, weight on the AUD/USD, now trading deep in the red.”
“The 1 hour chart shows indicators posting some timid bounces from oversold levels, but the price holding well below a bearish 20 SMA.”
“In the 4 hours chart a bullish 20 SMA offered intraday support around the daily low of 0.8130, while indicators continue to retreat from overbought territory but hold above their midlines."
"A break below the mentioned low then is required to confirm further intraday declines eyeing as next immediate support the 0.8090 price zone.”
Key Quotes
“Gold surged to a fresh 5-week high, supporting the Australian dollar that advanced up to 0.8254 against the greenback. But commodities getting smashed in Europe, weight on the AUD/USD, now trading deep in the red.”
“The 1 hour chart shows indicators posting some timid bounces from oversold levels, but the price holding well below a bearish 20 SMA.”
“In the 4 hours chart a bullish 20 SMA offered intraday support around the daily low of 0.8130, while indicators continue to retreat from overbought territory but hold above their midlines."
"A break below the mentioned low then is required to confirm further intraday declines eyeing as next immediate support the 0.8090 price zone.”