Sunday, March 7, 2010

The Advisor Weblog

The Advisor Weblog

AUD up against Dollar and Euro

Posted: 07 Mar 2010 04:30 PM PST

That Australian dollar remains the strongest currency across the board, is not something to discuss. And with risk appetite back on trading desks, the commodity dollar is being favored agaisnt majors rivals, also with Nikkei 225 1.5% up at the opening. Later this week, Australian employment data (due Thursday) is next major risk event for the currency,as if jobless rate falls more than expected, investors expectations  for furhter rate hikes could tumbled, but seems not today.

 AUD/USD already filled opening gap to the downside, and continues pushing higher attempting to break the 0.9100 level; 4 hours charts has a slightly bullish perspective for current session, with immediate resistance for the pair at the0.9140 area, multiple 4 hours highs, ahead of 0.9180/0.9200 zone. Daily close above such area likely confirm mid term bullish rallies ahead. Supprt for next hours lie at strong 0.9070 static zone,  0.9020 and finally 0.8980 area.

 

EUR/AUD also strong, quotes around 1.5020 after this first 15 minutes of Japan with a bullish perspective for next hours, as seen on this 4 hours charts: pair reached 1.4945 low past week a multi years low, leaving indicators close to extreme oversold conditions; currently in an upside corrective movement, first resistance area comes at 1.5060 ahead of 1.5110, while support for next hours lie at 1.5000 and mentioned 1.4945 low. Daily charts however, remain strongly bearish, with RSI saturating at lows,  yet giving no other sing of a trend change.

 
Posted by at 6:12 PM

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