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14 Jan 2015
AUD/USD resistance keeping bounce in check
FXStreet (Guatemala) - AUD/USD is currently trading at 0.8146 with a high of 0.8191 and a low of 0.8068 and is down 0.2% on the day.
AUD/USD has recovered from the heat felt overnight with supply coming in thick and fast over the 0.8180 level down to lows of 0.8068. The Aussie finally soaked up the losses in key commodities with copper being the straw that broke the camels back on this occasion hitting fresh five and a half year lows.
The minor bounce from below the 0.81 handle was exaggerated thereafter into a rally from 0.8120 up to the 0.8181 high on broad dollar weakness with retails sales disappointments from the US calendar. While even removing prices of gas from retail sales, still leaves this measure down by 0.4% on the previous month - a surprisingly weak report.
Technically, Karen Jones, chief analyst at Commerzbank suggests that 0.8300 is a possibility. "We also note the 13 count on the daily chart and the large divergence of the daily RSI and we look for a correction higher to the 0.8307 downtrend. A close above the downtrend at 0.8307 will initiate a deeper retracement to 0.8356/70 then 0.8472 (Fibonacci retracements)".
AUD/USD has recovered from the heat felt overnight with supply coming in thick and fast over the 0.8180 level down to lows of 0.8068. The Aussie finally soaked up the losses in key commodities with copper being the straw that broke the camels back on this occasion hitting fresh five and a half year lows.
The minor bounce from below the 0.81 handle was exaggerated thereafter into a rally from 0.8120 up to the 0.8181 high on broad dollar weakness with retails sales disappointments from the US calendar. While even removing prices of gas from retail sales, still leaves this measure down by 0.4% on the previous month - a surprisingly weak report.
Technically, Karen Jones, chief analyst at Commerzbank suggests that 0.8300 is a possibility. "We also note the 13 count on the daily chart and the large divergence of the daily RSI and we look for a correction higher to the 0.8307 downtrend. A close above the downtrend at 0.8307 will initiate a deeper retracement to 0.8356/70 then 0.8472 (Fibonacci retracements)".