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23 Apr 2015
AUD/USD trimming gains until support 0.7750 - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained the technical conditions surrounding the Australian dollar that retreated intraday, but buyers contained the slide around 0.7750, now the immediate support.
Key Quotes:
"Technically, the 1 hour chart shows that the price holds above a bullish 20 SMA, while the technical indicators have turned flat around their mid-lines."
"In the 4 hours chart the price also holds above a flat 20 SMA, whilst the technical indicators aim slightly higher around their mid-lines, lacking directional strength."
"The pair needs to advance beyond the 0.7800 level to gain some upward momentum, albeit the critical resistance stands in the 0.7840 area, where the pair stalled multiple times over the past few months. It will take a break above this last to consider a possible rally towards the 0.7900 figure."
Key Quotes:
"Technically, the 1 hour chart shows that the price holds above a bullish 20 SMA, while the technical indicators have turned flat around their mid-lines."
"In the 4 hours chart the price also holds above a flat 20 SMA, whilst the technical indicators aim slightly higher around their mid-lines, lacking directional strength."
"The pair needs to advance beyond the 0.7800 level to gain some upward momentum, albeit the critical resistance stands in the 0.7840 area, where the pair stalled multiple times over the past few months. It will take a break above this last to consider a possible rally towards the 0.7900 figure."