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5 May 2015
AUD/USD: Bulls eye 0.8068 for deeper recovery
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7939 with a high of 0.7940 and a low of 0.7785.
AUD/USD has remained in a tight range since the RBA cut rates that initially sent the Aussie lower on the knee jerk, but as markets started to digest the RBA's outlook, which was bullish, the Aussie came under demand again and in fact rallied right up towards $0.7920 before the buying faded.
Since the release and subsequent price action, the Aussie has resumed the upside and has broken the overnight and March highs and is basing around aforementioned spot in a 10 pip range at. From here, a close above 0.8068 would initiate a deeper recovery to the 0.8247/38.2% retracement of the move down from September 2014 and the 0.8295 2015 peak, as explained by Karen Jones, chief analyst at Commerzbank.
AUD/USD has remained in a tight range since the RBA cut rates that initially sent the Aussie lower on the knee jerk, but as markets started to digest the RBA's outlook, which was bullish, the Aussie came under demand again and in fact rallied right up towards $0.7920 before the buying faded.
Since the release and subsequent price action, the Aussie has resumed the upside and has broken the overnight and March highs and is basing around aforementioned spot in a 10 pip range at. From here, a close above 0.8068 would initiate a deeper recovery to the 0.8247/38.2% retracement of the move down from September 2014 and the 0.8295 2015 peak, as explained by Karen Jones, chief analyst at Commerzbank.