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25 Feb 2015
AUD/USD: Are we heading to 0.8000? - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the Australian dollar continues advancing, having flirted with the 0.7900 level against the greenback.
Key Quotes:
"The antipodean currency found support in Chinese data, as the HSBC Flash Manufacturing PMI surprised with a rise above the critical 50 mark, up to 50.1 points for February."
"Technically, the 1 hour chart shows that the technical indicators are retracing from overbought levels, although the price holds near the highs, suggesting the pair has still scope to advance. In the 4 hours chart the price stalled at the 200 EMA, currently around 0.7900, having been unable to sustain gains above it since July 2014."
"Therefore, a continued advance above it during the upcoming sessions, should signal an interim bottom in the pair with chances of a break above the 0.8000 mark."
Key Quotes:
"The antipodean currency found support in Chinese data, as the HSBC Flash Manufacturing PMI surprised with a rise above the critical 50 mark, up to 50.1 points for February."
"Technically, the 1 hour chart shows that the technical indicators are retracing from overbought levels, although the price holds near the highs, suggesting the pair has still scope to advance. In the 4 hours chart the price stalled at the 200 EMA, currently around 0.7900, having been unable to sustain gains above it since July 2014."
"Therefore, a continued advance above it during the upcoming sessions, should signal an interim bottom in the pair with chances of a break above the 0.8000 mark."