9 Apr 2015
AUD/USD returns to 0.7680 from 0.7660 support
FXStreet (Bali) - After having a solid performance on Wednesday, the Aussie traded in a softer tone in the early stages of the Asian session, testing a key intraday support at 0.7660, from where it rebounded over 20 pips to currently trade circa 0.7678/80.
Technically, according to Jim Langlands, Founder at FXCharts: "These elevated look as though they may persist for a short while and another test of 0.7700 would not surprise."
Jim adds: "Beyond there would then have the potential for a run back towards the session high (0.7727) and on to the daily Kijun/weekly Tenkan, which both sit at 0.7633 and would provide a major hurdle ahead of any chance of a move back towards 0.7800."
In the longer term though, Jim notes that "with Iron Ore prices trading below US$50 pt and with a May RBA rate cut in the markets sights, I think that any run to the topside will prove to be temporary before the market once again tests lower levels."
Technically, according to Jim Langlands, Founder at FXCharts: "These elevated look as though they may persist for a short while and another test of 0.7700 would not surprise."
Jim adds: "Beyond there would then have the potential for a run back towards the session high (0.7727) and on to the daily Kijun/weekly Tenkan, which both sit at 0.7633 and would provide a major hurdle ahead of any chance of a move back towards 0.7800."
In the longer term though, Jim notes that "with Iron Ore prices trading below US$50 pt and with a May RBA rate cut in the markets sights, I think that any run to the topside will prove to be temporary before the market once again tests lower levels."