13 May 2015
AUD/USD mid-term bullish rally might continue – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, AUD/USD is seen advancing despite being overbought on charts, and any additional advances from current levels implies that the mid-term bull rally is set to continue.
Key Quotes
“The Australian dollar managed to shrug off tepid Chinese data released during the Asian session, and surged above the 0.8000 level ahead of US news, with the AUD/USD pair accelerating towards the 0.8100 after them.”
“The pair is short term overbought, albeit the technical indicators continue heading higher, which suggest pullbacks will be merely corrective.”
“In the 4 hours chart, the technical picture is quite similar, with indicators advancing despite being in overbought territory.”
“The pair stands at fresh 4-month high, which means additional advances should lead to a continued midterm bullish rally, with market players eyeing the critical 0.8500 figure.”
“Support levels: 0.8030 0.7990 0.7950”
“Resistance levels: 0.8110 0.8150 0.8200”
Key Quotes
“The Australian dollar managed to shrug off tepid Chinese data released during the Asian session, and surged above the 0.8000 level ahead of US news, with the AUD/USD pair accelerating towards the 0.8100 after them.”
“The pair is short term overbought, albeit the technical indicators continue heading higher, which suggest pullbacks will be merely corrective.”
“In the 4 hours chart, the technical picture is quite similar, with indicators advancing despite being in overbought territory.”
“The pair stands at fresh 4-month high, which means additional advances should lead to a continued midterm bullish rally, with market players eyeing the critical 0.8500 figure.”
“Support levels: 0.8030 0.7990 0.7950”
“Resistance levels: 0.8110 0.8150 0.8200”