FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that AUD/USD advanced up to 0.7779 on the back of the RBA Minutes released early in the Asian session.
Key Quotes:
“The statement brought nothing new to the table, and the pair slipped from the high back towards the base of its latest range around 0.7700, posting a daily low of 0.7721 before recovering ground. Nevertheless, the pair is unable to find a clear way, having been trading range bound for already a week.”
“Short term, the 1 hour chart shows that the latest advances resulted in lower highs, with the price now developing below a bearish 20 SMA and the technical indicators flat below their mid-lines, inclining the balance towards the downside.”
“In the 4 hours chart, the price continues to be capped by its 200 EMA around 0.7780, whilst is now struggling around a horizontal 20 SMA. In this last time frame, the technical indicators are resting around their mid-lines, showing no clear directional strength.”
(Market News Provided by FXstreet)