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4 Feb 2015
AUDUSD: Recovers RBA-induced losses - 2ndSkies
FXStreet (Bali) - AUD/USD has eaten up all the losses from the RBA rate cut bear reaction, and according to Chris Capre, Founder at 2ndSkies, the pair is short term bullish while above 7720.
Key Quotes
"Like many of the commodity pairs, with the sharp reversal in WTI and the key break above $51 today, the Aussie jumped over 200 pips off the lows. In the process of the impulsive price action bounce, the pair recovered all the losses from the surprise rate cut out of the RBA yesterday."
"For now, the pair is short term bullish while above 7720. If the bids hold here, they will retest the offers around the key resistance level at 7845. If the bids fail to hold 7725, then we should see a retest of the lows. A daily close above 7850 likely means a medium term structural change to bullish."
Key Quotes
"Like many of the commodity pairs, with the sharp reversal in WTI and the key break above $51 today, the Aussie jumped over 200 pips off the lows. In the process of the impulsive price action bounce, the pair recovered all the losses from the surprise rate cut out of the RBA yesterday."
"For now, the pair is short term bullish while above 7720. If the bids hold here, they will retest the offers around the key resistance level at 7845. If the bids fail to hold 7725, then we should see a retest of the lows. A daily close above 7850 likely means a medium term structural change to bullish."