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14 Aug 2015
AUD/USD: steady anticipating further Chinese action
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7361 with a high of 0.7367 and a low of 0.7355.
AUD/USD has been steady overnight after a number of days of volatility with the PBoC devaluing its reference rate for three consecutive days. The initial offers in the Aussie were reversed on the back of supply in the greenback while US retails sales gave the US dollar a lift overnight ahead of CPI's and the FOMC minutes next week. We now await to see if the Chinese authorities will take any further action ahead of the close for the week.
AUD/USD bulls not out the woods yet
There is some work to do yet before the bulls are out of the woods while the pair hovers over the mid point of the week's range. Karen Jones, chief analyst at Commerzbank explained that only a daily chart close above the 23.6% Fibonacci retracement at 0.7440 and the 0.7448 July 21 high will trigger a recovery towards the 0.7531 55 day moving average. 0.7235 is major support on further supply.
AUD/USD has been steady overnight after a number of days of volatility with the PBoC devaluing its reference rate for three consecutive days. The initial offers in the Aussie were reversed on the back of supply in the greenback while US retails sales gave the US dollar a lift overnight ahead of CPI's and the FOMC minutes next week. We now await to see if the Chinese authorities will take any further action ahead of the close for the week.
AUD/USD bulls not out the woods yet
There is some work to do yet before the bulls are out of the woods while the pair hovers over the mid point of the week's range. Karen Jones, chief analyst at Commerzbank explained that only a daily chart close above the 23.6% Fibonacci retracement at 0.7440 and the 0.7448 July 21 high will trigger a recovery towards the 0.7531 55 day moving average. 0.7235 is major support on further supply.