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14 May 2015
AUD/USD: Stops above 0.8140 off, next target at 0.82
FXStreet (Bali) - AUD/USD has finally broken quite convincgly through Wednesday's high, after two initial failed attempts, currently registering fresh multi-month highs of 0.8152.
The broad-based negative tone in the US Dollar, as market participants continue to re-think their positions amid lacklustre US data, together with the removal of an explicit easing bias by the Reserva Bank of Australia last week, which has led the Aussie to outperform this week, are causing some real pain for AUD perma bears.
From a technical perspective, the pair shows no signs of decelerating its bullish momentum, and following the breakout of 0.8140 - horizontal resistance from back on Jan 21st - the 0.82 round numbers appears to be the next logical target ahead of 0.83. On the downside, dip buying should continue to remain very active while above 0.81.
The broad-based negative tone in the US Dollar, as market participants continue to re-think their positions amid lacklustre US data, together with the removal of an explicit easing bias by the Reserva Bank of Australia last week, which has led the Aussie to outperform this week, are causing some real pain for AUD perma bears.
From a technical perspective, the pair shows no signs of decelerating its bullish momentum, and following the breakout of 0.8140 - horizontal resistance from back on Jan 21st - the 0.82 round numbers appears to be the next logical target ahead of 0.83. On the downside, dip buying should continue to remain very active while above 0.81.