15 Jul 2015
AUD/USD: Looking for further advances on positive China - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the conditions surrounding AUD/USD overnight leading in to Asia.
The Australian dollar managed to advance against its American rival, boosted by local data as the NBA's Business Conditions survey was up to 11 in June from previous 7, while Australia NAB's Business Confidence also rose beyond expected, up to 10 in June from previous 7.
Key Quotes:
"The AUD/USD pair advanced up to 0.7478 intraday, maintaining a positive tone by the end of the day. During the upcoming Asian session, China will release its GDP figures among others macroeconomic readings, something that usually affects the antipodean currency. Should the data result above expected, the AUD may continue advancing towards the 0.7500 level, where selling interest has contained advances during the past week."
"Technically, the 1 hour chart favors additional advances with the price above a bullish 20 SMA and the technical indicators aiming higher in positive territory, whilst the 4 hours chart shows that the price stands barely above a horizontal 20 SMA and that the Momentum indicator heads higher above 100, supporting the shorter term view."
The Australian dollar managed to advance against its American rival, boosted by local data as the NBA's Business Conditions survey was up to 11 in June from previous 7, while Australia NAB's Business Confidence also rose beyond expected, up to 10 in June from previous 7.
Key Quotes:
"The AUD/USD pair advanced up to 0.7478 intraday, maintaining a positive tone by the end of the day. During the upcoming Asian session, China will release its GDP figures among others macroeconomic readings, something that usually affects the antipodean currency. Should the data result above expected, the AUD may continue advancing towards the 0.7500 level, where selling interest has contained advances during the past week."
"Technically, the 1 hour chart favors additional advances with the price above a bullish 20 SMA and the technical indicators aiming higher in positive territory, whilst the 4 hours chart shows that the price stands barely above a horizontal 20 SMA and that the Momentum indicator heads higher above 100, supporting the shorter term view."