Back
27 Mar 2015
AUD/USD: Bears lined up on 0.78 psychological level
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7822 with a high of 0.7830 and a low of 0.781.
AUD/USD continues to look unhappy this high up with 0.7860 giving out in fashion to the downside that had been supportive at the start of the month. The two minor rebounds from 0.7800 this week have failed to maintain conviction but fundamentally, despite today's durable goods in the US, have been on the whole in line worth the Feds expectations for growth and brings in next week's labour report on a positive spin, leaving the bears in anticipation and the 0.78 handle vulnerable.
And, technically, as Karen Jones, chief analysts at Commerzbank suggests, as long as it remains below this week’s high at 0.7938 on a daily chart closing basis, the currency pair should remain under pressure. "We thus look for a slide back towards the two month support line at .07534 which we would expect to hold the initial test."
AUD/USD continues to look unhappy this high up with 0.7860 giving out in fashion to the downside that had been supportive at the start of the month. The two minor rebounds from 0.7800 this week have failed to maintain conviction but fundamentally, despite today's durable goods in the US, have been on the whole in line worth the Feds expectations for growth and brings in next week's labour report on a positive spin, leaving the bears in anticipation and the 0.78 handle vulnerable.
And, technically, as Karen Jones, chief analysts at Commerzbank suggests, as long as it remains below this week’s high at 0.7938 on a daily chart closing basis, the currency pair should remain under pressure. "We thus look for a slide back towards the two month support line at .07534 which we would expect to hold the initial test."