Risk-on persists in full swing, underpinning sentiment around higher-yielding currencies such as the AUD. Broad-based US dollar weakness also aids the ongoing recovery in the Aussie. Focus today remains RBA Kent’s speech…
Risk-on persists in full swing, underpinning sentiment around higher-yielding currencies such as the AUD.
Broad-based US dollar weakness also aids the ongoing recovery in the Aussie.
Focus today remains RBA Kent’s speech later in the European session ahead of the US economic data due to be reported in the NA session.
Technically we fell upticks should be used as opportunities to go short.
Intraday we see some upside in the pair. A reversal intrend can be seen only on break out above 0.7461 (50% Fib).
Major support levels - 0.7386 (61.8% Fib), 0.7311 (Nov 21 low), 0.7280 (78.6% Fib)
Major resistance levels - 0.74, 0.7461 (50% Fib), 0.7486 (10-DMA)
Recommendation: We would wait for upticks to go short.
FxWirePro's Hourly AUD Spot Index was at -16.4071 (Neutral), while Hourly USD Spot Index was at 27.4778 (Neutral) at 0515 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
