FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD pair continues trading mid-range within a large symmetrical triangle, clear in the daily chart.
Key Quotes:
“The figure has contained the price ever since early August, and seems it will likely remain inside it for some more time, given that the roof stands now at 0.7370, whilst the base around 0.7080.”
“During the upcoming Asian session, Australia will release its PPI figures for the fourth quarter of this 2015, which may imprint some life to the forex board during the Asian session, although market’s reaction is expected to be limited.”
“Technically, and in the 4 hours chart, the upside is still favored given that the price is holding above 0.7240 a strong static support level, and above the 200 EMA, this last offering a dynamic support around 0.7200. In the same chart, the Momentum indicator stands path around its 100 level, while the RSI indicator heads lower around 53, all of which maintains the downside limited at the time being.”
(Market News Provided by FXstreet)