28 Apr 2015
AUD/USD reaches fresh 3-month highs
FXStreet (Córdoba) - The Australian dollar climbed to a fresh 3-month peak versus the greenback on Tuesday underpinned by broad USD softness and reports the People's Bank of China could launch new easing measures.
AUD/USD rallied more than 100 pips and reached its highest level since January 28 at 0.7979 in recent dealings. At time of writing, the pair is trading at the 0.7975 area, recording a 1.5% gain on the day.
However, investors’ attention turns to the FOMC meeting which could fuel USD weakness if the Federal Reserve takes the dovish side.
AUD/USD short-term perspective
“The short term picture suggest some limited downward corrective movement ahead, as in the 1 hour chart, indicators are looking exhausted in extreme overbought levels”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart however, technical readings are biased higher, supporting at least a test of the key 0.8000 level, whilst also helping to keep the downside limited”.
AUD/USD rallied more than 100 pips and reached its highest level since January 28 at 0.7979 in recent dealings. At time of writing, the pair is trading at the 0.7975 area, recording a 1.5% gain on the day.
However, investors’ attention turns to the FOMC meeting which could fuel USD weakness if the Federal Reserve takes the dovish side.
AUD/USD short-term perspective
“The short term picture suggest some limited downward corrective movement ahead, as in the 1 hour chart, indicators are looking exhausted in extreme overbought levels”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart however, technical readings are biased higher, supporting at least a test of the key 0.8000 level, whilst also helping to keep the downside limited”.