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15 May 2015
AUD/USD on the way to 200 DMA, 0.8327?
FXStreet (Guatemala) - AUD/USD is currently trading at 0.8078 with a high of 0.8085 and a low of 0.8074.
AUD/USD remains stable within the consolidation phase of the upside of the past few sessions. The Aussie has been better bid of late on a more positive tone in the commodity sector supporting the currencies associated to the industries. There has been a pull back, however, in the commodity sector with WTI dropping back the furthest to the $58.50 region in the US sessions.
Technically, the previous month high was breached at 0.8077 and this now comes as support. We are now in a stronger bullish trend in an extension of 0.7560 and April rally. Karen Jones, chief analyst at Commerzbank explained that the close above 0.8068 has initiated scope for a deeper recovery to the 0.8247/38.2% retracement of the move down from September 2014 and the 0.8295 2015 peak. "Directly above here we find the 200 day ma at .8327 and we suspect that this will hold the initial test."
AUD/USD remains stable within the consolidation phase of the upside of the past few sessions. The Aussie has been better bid of late on a more positive tone in the commodity sector supporting the currencies associated to the industries. There has been a pull back, however, in the commodity sector with WTI dropping back the furthest to the $58.50 region in the US sessions.
Technically, the previous month high was breached at 0.8077 and this now comes as support. We are now in a stronger bullish trend in an extension of 0.7560 and April rally. Karen Jones, chief analyst at Commerzbank explained that the close above 0.8068 has initiated scope for a deeper recovery to the 0.8247/38.2% retracement of the move down from September 2014 and the 0.8295 2015 peak. "Directly above here we find the 200 day ma at .8327 and we suspect that this will hold the initial test."