Dollar bulls become very active this week by buying USD before FOMC minutes – despite weaker economic data reading last week or not promising result of CPI (MoM) yesterday. American currency can still count on strong support provided by labor market data and improving situation of the housing sector. What is more, the attitude of RBA governor – Glenn Stevens – was not supportive for Australian dollar. Today’s night he started to frighten markets by talking about intervention on expensive (in historical frames) AUD.
Technically, AUD/USD approached a really interesting point, where investors might be tempted to open long positions. Aussie fell strongly and price is now hovering above 0.09283 level, where we place today’s pivot S1 and also intersection of two trend lines – downward one which was broken in the last week and upward drawn from two last week lows. Meanwhile, the daily price action still tries to frighten investors.
The above analysis is one in a series of analyzes prepared by Comparic team in collaboration with XM broker. Other analyzes can be found every day on XM’s site. Open real XM account or try DEMO version for free. Promotion – 30% bonus up to $10,000!
