26 Aug 2015
AUD/USD: risks remains with the downside - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the Australian dollar enjoyed some demand against its American rival earlier in the day, setting a daily high of 0.7249 before erasing most of its intraday gains, ending the day a few pips above its daily opening, on renewed dollar's demand.
Key Quotes:
"During the upcoming Asian session, RBA's Governor Glenn Stevens is scheduled to speak at the National Reform Summit, in Sydney. He is not particularly expected to talk about the ongoing economic policy of the country, but his remarks will be closely followed by investors. Technically, the pair presents a bearish potential in the short term, as in the 1 hour chart the price is extending below its 20 SMA, whilst the RSI indicator heads lower around 39 and the Momentum indicator holds flat below its 100 level."
"In the 4 hours chart, the 20 SMA maintains a sharp bearish tone, currently around 0.7240, whilst the technical indicators lack directional strength near oversold levels, maintaining the risk towards the downside, and favouring additional declines on a break below 0.7125 the immediate support."
Key Quotes:
"During the upcoming Asian session, RBA's Governor Glenn Stevens is scheduled to speak at the National Reform Summit, in Sydney. He is not particularly expected to talk about the ongoing economic policy of the country, but his remarks will be closely followed by investors. Technically, the pair presents a bearish potential in the short term, as in the 1 hour chart the price is extending below its 20 SMA, whilst the RSI indicator heads lower around 39 and the Momentum indicator holds flat below its 100 level."
"In the 4 hours chart, the 20 SMA maintains a sharp bearish tone, currently around 0.7240, whilst the technical indicators lack directional strength near oversold levels, maintaining the risk towards the downside, and favouring additional declines on a break below 0.7125 the immediate support."