AUD / USD had a busy day yesterday. Prices rallied and broke 0.0 round number following a prodigious job change helped by bullish spillover pressure from the RBNZ rate hike. However, much of the gains were given by the end of the US session as prices pushed lower in line with other risk assets correlated following the decline in US stocks.
Time Table
price enjoyed a temporary respite when the sell-off rebounds from 0.02 level support, but with a risk of pressure off running in the Asian markets today, 0.02 was finally broken. Currently the price is testing 0.0 round number which is also close to levels before the release of employment figures Change. If 0.0 is broken, the increase "feel good" feeling of yesterday can be considered fully disabled and we could see a further bearish acceleration towards this low swing week.
From a technical standpoint, the Stochastic indicator favors a rebound from 0.0 to 0.02 in the short term with the flat tapered Stoch curve and can begin to reverse more, crossing the signal line in the process . However, bullishness is still suspect as we have just seen a failed long-term bull cycle signal accompanying the 0.02 rebound. Nevertheless, it is not catastrophic, as the bullish sentiment yesterday is strong indeed. Prices have succeeded in slowing 0.07 resistance during the opening hours of the US when stocks were in fact initially bullish. This shows that there is still hope and expected broad risk sentiment recovers, we should not be surprised if AUD / USD recovers strongly.
Table Daily
watching daily chart, the bulls need to feel more assured that the trendline rising should provide support should price fall further, and 0895 will be asked to do the job if the rising trend line fails. Therefore, the probability of net sales by low and should prices continue to stay afloat in the coming days, the bullish rally that started from late January remain intact and provide a great launchpad for the price to rally higher when risk appetite returns. That said, the price will delete 0.07 convincing to invalidate the bearish trend in the long term and the long stay prices in the current consolidation area, more downside risk becomes
.: Links
USD / JPY - Yen Up As manafacturing Impresses Japanese data
GBP / USD - Pound Recovers and Flirts with 1.67
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