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14 May 2015
AUD/USD: Bid while above 0.8020
FXStreet (Guatemala) - AUD/USD is currently trading at 0.8078 with a high of 0.8164 and a low of 0.8061.
AUD/USD has been better offered as commodity currencies consolidate post profit taking. There was demand for the Aussie yesterday with a strong recovery in commodities with both gold and oil surging over the past few sessions. Oil from $52 up to $62.80 and AU from $1,184 to $1,227 before both began to settle down, oil dropping back the furthest to the $58.50 region.
Technically, last months high was taken out at 0.8077 and this now comes as support, with a dip below this territory earlier only to recover and stabalise. We are now in a stronger bullish trend in an extension of 0.7560 and April rally. Analysts at OUB Group explained that overbought short-term indicators could lead to a pull-back first before moving higher but as long as 0.8020 is not taken out in the next couple of days. "The current movement is likely just the beginning of a strong rally that could extend much higher in the coming weeks."
AUD/USD has been better offered as commodity currencies consolidate post profit taking. There was demand for the Aussie yesterday with a strong recovery in commodities with both gold and oil surging over the past few sessions. Oil from $52 up to $62.80 and AU from $1,184 to $1,227 before both began to settle down, oil dropping back the furthest to the $58.50 region.
Technically, last months high was taken out at 0.8077 and this now comes as support, with a dip below this territory earlier only to recover and stabalise. We are now in a stronger bullish trend in an extension of 0.7560 and April rally. Analysts at OUB Group explained that overbought short-term indicators could lead to a pull-back first before moving higher but as long as 0.8020 is not taken out in the next couple of days. "The current movement is likely just the beginning of a strong rally that could extend much higher in the coming weeks."