10 Jun 2015
AUD/USD: Resolution needed beyond 0.7560/70 or 0.7970/80 - Westpac
FXStreet (Bali) - David Coloretti, FX Technical Analyst at Westpac, anticipates a multi-week range trading bias in AUD/USD until either 0.7560/70 or 0.7970/80 is broken on a weekly closing basis.
Key Quotes
"AUDUSD remains trapped between narrowing Bollinger bands at 0.7560/70 and 0.7970/80. Bollinger bands converge in this way when markets lose direction / trade sideways.
"We are keenly awaiting a weekly close outside the Bollinger bands to set up the next multi-week trend."
"MT momentum is providing mixed signals right now. We see signs of base building amid a negative MT momentum bias."
"We anticipate a multi-week range trading bias until either 0.7560/70 or 0.7970/80 is broken on a weekly closing basis (levels change weekly)."
Key Quotes
"AUDUSD remains trapped between narrowing Bollinger bands at 0.7560/70 and 0.7970/80. Bollinger bands converge in this way when markets lose direction / trade sideways.
"We are keenly awaiting a weekly close outside the Bollinger bands to set up the next multi-week trend."
"MT momentum is providing mixed signals right now. We see signs of base building amid a negative MT momentum bias."
"We anticipate a multi-week range trading bias until either 0.7560/70 or 0.7970/80 is broken on a weekly closing basis (levels change weekly)."