12 Jun 2015
AUD/USD: Further bull progress through 0.7770/80 a tall order
FXStreet (Bali) - AUD/USD has come under some mild selling pressure in early Tokyo, currently exchanging hands just under 0.7750, with macro offers still parked at 0.7770s+.
AUD fundamentals: Aus jobs supportive, Watching RBA and China
This week leaves us behind positive Australian NAB business confidence and a stellar Aus jobs report, while on the flip side, worsening Chinese imports, China's low inflation numbers should be a concern of slowing growth for AUD traders. On top of that, Westpac consumer confidence printed a horrible number mid week, while RBA Governor Stevens reminded us that the possibility of further rate cuts in Australia remains considered.
AUD/USD technicals: Topside limited?
Valeria Bednarik, Chief Analyst at FXStreet, wrote the following on her daily report: "The 1 hour chart shows little upward potential as the price is now aiming to extend above its 20 SMA, but the technical indicators remain below their mid-lines. In the 4 hours chart, the technical picture is biased higher, as the price held above a bullish 20 SMA, whilst the technical indicators bounced from their mid-lines and maintain their bullish slopes. Nevertheless, the 200 EMA continues to cap the upside around 0.7780, and it will take a clear break above this level to confirm an upward extension for the upcoming sessions."
AUD fundamentals: Aus jobs supportive, Watching RBA and China
This week leaves us behind positive Australian NAB business confidence and a stellar Aus jobs report, while on the flip side, worsening Chinese imports, China's low inflation numbers should be a concern of slowing growth for AUD traders. On top of that, Westpac consumer confidence printed a horrible number mid week, while RBA Governor Stevens reminded us that the possibility of further rate cuts in Australia remains considered.
AUD/USD technicals: Topside limited?
Valeria Bednarik, Chief Analyst at FXStreet, wrote the following on her daily report: "The 1 hour chart shows little upward potential as the price is now aiming to extend above its 20 SMA, but the technical indicators remain below their mid-lines. In the 4 hours chart, the technical picture is biased higher, as the price held above a bullish 20 SMA, whilst the technical indicators bounced from their mid-lines and maintain their bullish slopes. Nevertheless, the 200 EMA continues to cap the upside around 0.7780, and it will take a clear break above this level to confirm an upward extension for the upcoming sessions."