26 Mar 2015
AUD/USD forced below 55 DMA; problematic for bulls
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7840 with a high of 0.7840 and a low of 0.7799.
AUD/USD has been supported as across the board of commodity currencies, there is strength on the back of oil bouncing yesterday. However, today is a slightly different story with supply coming back in to the sector and $50 for WTI being a psychological number, bulls were finding it tough territory to hold on in there while the initial fears for escalating problems in the oil exporting nations have calmed somewhat vs the initial knee jerk reaction.
We have had some upbeat US data of late also which may be putting the US jobs numbers in to good light next week, strengthening the US dollar. Today, initial jobless claims beat expectations as did Markit Service PMI's. Technically, the major is back below the 55 day MA at 0.7851 which brings back the downside in to view and the two month support line at 0.7534 could be the bears target should 0.78 give way to 0.7740 and on to and through 0.7620.
AUD/USD has been supported as across the board of commodity currencies, there is strength on the back of oil bouncing yesterday. However, today is a slightly different story with supply coming back in to the sector and $50 for WTI being a psychological number, bulls were finding it tough territory to hold on in there while the initial fears for escalating problems in the oil exporting nations have calmed somewhat vs the initial knee jerk reaction.
We have had some upbeat US data of late also which may be putting the US jobs numbers in to good light next week, strengthening the US dollar. Today, initial jobless claims beat expectations as did Markit Service PMI's. Technically, the major is back below the 55 day MA at 0.7851 which brings back the downside in to view and the two month support line at 0.7534 could be the bears target should 0.78 give way to 0.7740 and on to and through 0.7620.