13 May 2015
AUD/USD breaks to the upside of a triangle pattern – Scotiabank
FXStreet (Barcelona) - Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank, notes that AUD/USD is rallying on relief over China & from a technical breakout.
Key Quotes
“AUD is up 0.8%, a relative outperformer with gains accelerating into the NA open. The catalyst appears to be the combination of relief in response to relatively steady data from China, hinting to a stable outlook for commodity prices.”
“AUD appears to have broken to the upside of a triangular consolidation from late April, and we look to the April 28 closing high 0.8022 as a level of near term importance.”
Key Quotes
“AUD is up 0.8%, a relative outperformer with gains accelerating into the NA open. The catalyst appears to be the combination of relief in response to relatively steady data from China, hinting to a stable outlook for commodity prices.”
“AUD appears to have broken to the upside of a triangular consolidation from late April, and we look to the April 28 closing high 0.8022 as a level of near term importance.”