Aussie Corrects Higher Post RBA Meeting Minutes

Aussie Corrects Higher Post RBA Meeting Minutes

By: Simon Furman | Where To Trade | On:15-09-2014 22:55
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Aussie Corrects Higher Post RBA Meeting Minutes

Key Highlights

  • Aussie dollar has recovered some ground since yesterday against the US dollar and the Japanese yen.
  • RBA meeting minutes were the highlight during the Asian session, which reiterated the same thing again. The central bank mentioned that the current level in the Australian dollar is not at all supported by the fundamental outlook.
  • EURUSD succeeded in holding the 1.29 support area and currently struggling to close above the 1.2950 level.

AUDJPY

As mentioned that the Aussie dollar managed to gain buyers against the Japanese yen recently after a sharp decline towards the 96.40 level. There is an opening week gap around the 97.00, which is yet to be closed. The AUDJPY pair is struggling to break an important bearish trend line preceding from the 97.58 level. The mentioned trend line also coincides with the 23.6% Fibonacci retracement level of the last drop from the 98.32 high to 96.37 low. So, the Aussie dollar buyers might struggle to break the mentioned trend line confluence area. However, if they succeed, then a move towards the 100 hourly moving average is possible in the short term.  

Intraday Support Level – 96.40

Intraday Resistance Level – 96.85

  • Overall, the bias can be considered as bullish if the AUDJPY pair manages to clear the intraday resistance area.
  • A break above the 96.85 level is required for more gains moving ahead.

On the other hand. If the AUDJPY moves lower from the current levels and fails to break the trend line, then a retest of the last low might be on the cards. The hourly RSI has moved below the 50 mark, which might hold the upside in the short term.  

EURUSD

There is a great chance that the EURUSD pair has bottomed around the current levels, and might be heading above the 1.30 in the near term. However, the Euro buyers need a few reasons for this scenario. The pair has completed a solid correction structure from the peak, which looks concrete and points to a move higher. There is a monster resistance around the 1.2980-1.30 levels. The Euro buyers need to clear the mentioned area in order to take it towards the 1.3100 handle. Remember, there is a gap open around the 1.3220 level, which might be the final target for the Euro bulls moving ahead.

Intraday Support Level – 1.2908

Intraday Resistance Level – 1.2980

  • Overall, the bias remains bullish intraday, as long as the pair manages to hold the previous low.
  • A break above the 200 hourly moving average might encourage the Euro bulls.

The most important thing to note is that the bullish trend line highlighted in the yesterday’s analysis remains intact. However, it looks like that the EURUSD pair is struggling to clear the 200 hourly moving average. If the pair succeeds in breaking the mentioned moving average, then it might be considered as a solid bullish sign which could lead more gains in the pair. The hourly RSI needs to hold the 50 mark for the Euro bulls to remain in control.

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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