10 Aug 2015
AUD/USD testing bears commitments at 0.7400
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7406 with a high of 0.7422 and a low of 0.7353.
AUD/USD bulls keep bouncing back and reclaimed the 0.74 handle at the start of the week in the US session. There has been a long squeeze on the greenback across the board despite Lockhart backing a rate hike with a bullish rhetoric on the US economy today when he was speaking again earlier today.
The calendar holds a number of data releases this week for the Australian economy including speeches from Deputy Governor Philip Lowe and Chris Kent, Assistant Governor (Economics) for the RBA. For the US, retails sales will be the main focus.
AUD/USD breaching key 0.74 handle
Technically, AUD/USD is chipping away at the 0.74 channel resistance. However, only breaks a strong series of closes above the 23.6% Fibonacci retracement at 0.7454 might trigger a recovery towards the 0.7557 55-day moving average. Otherwise, the 0.7250 area hovers above the 0.7235 July low guarding the base of the two-year channel at 0.7188, the long-term Fibonacci retracement at 0.7185 and the 14 year support line at 0.7144.
AUD/USD bulls keep bouncing back and reclaimed the 0.74 handle at the start of the week in the US session. There has been a long squeeze on the greenback across the board despite Lockhart backing a rate hike with a bullish rhetoric on the US economy today when he was speaking again earlier today.
The calendar holds a number of data releases this week for the Australian economy including speeches from Deputy Governor Philip Lowe and Chris Kent, Assistant Governor (Economics) for the RBA. For the US, retails sales will be the main focus.
AUD/USD breaching key 0.74 handle
Technically, AUD/USD is chipping away at the 0.74 channel resistance. However, only breaks a strong series of closes above the 23.6% Fibonacci retracement at 0.7454 might trigger a recovery towards the 0.7557 55-day moving average. Otherwise, the 0.7250 area hovers above the 0.7235 July low guarding the base of the two-year channel at 0.7188, the long-term Fibonacci retracement at 0.7185 and the 14 year support line at 0.7144.