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14 Aug 2015
AUD/USD bulls taking back control
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7390 with a high of 0.7397 and a low of 0.7354.
AUD/USD has resumed the upside with markets digesting the recent blow out for the bulls with the PBoC devaluing on a number of stages throughout the course of the week, and it now seeming that there is no further basis for a continued currency depreciation, coupled with an upbeat speech on the labour market from RBA's Kent, AUD/USD has got back on to the bid. Commodities have been supported also, with gold rising back to test $1,120 psychological level. We now await CPI's and the FOMC minutes next week as next driver.
AUD/USD testing upside for gains on to 0.7400
AUD/USD is testing the upside, and is seeking out territory for a close in the 0.74 handle to stand in good stead for further upside potential next week. However, 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 resumed the upside with markets digesting the recent blow out for the bulls with the PBoC devaluing on a number of stages throughout the course of the week, and it now seeming that there is no further basis for a continued currency depreciation, coupled with an upbeat speech on the labour market from RBA's Kent, AUD/USD has got back on to the bid. Commodities have been supported also, with gold rising back to test $1,120 psychological level. We now await CPI's and the FOMC minutes next week as next driver.
AUD/USD testing upside for gains on to 0.7400
AUD/USD is testing the upside, and is seeking out territory for a close in the 0.74 handle to stand in good stead for further upside potential next week. However, 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.