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29 Dec 2014
AUD/USD depressed near 0.81 handle
FXStreet (Bali) - AUD/USD opened at 0.8118 on Monday, with subdued trading prevailing due to year-end holidays.
Bears remain in full control, with price action over the past month developing in a bearish non-volatile fashion, with each modest rebound being met by grateful sellers. The exchange rate looks set to depreciate further as we move into a new year as speculation over an RBA rate cut mounts, while the Fed remains in track to raise rates through 2015.
Looking at the key levels for the week, downward pressure should see some solid bids circa 0.81, ahead of 0.8085/90 (Dec 23 low) followed by 0.8050 and 0.80. On the upside, any recovery is expected to be capped by 0.8130 (100-hourly SMA), ahead of 0.8150/60 (200-hourly SMA) and 0.82.
Bears remain in full control, with price action over the past month developing in a bearish non-volatile fashion, with each modest rebound being met by grateful sellers. The exchange rate looks set to depreciate further as we move into a new year as speculation over an RBA rate cut mounts, while the Fed remains in track to raise rates through 2015.
Looking at the key levels for the week, downward pressure should see some solid bids circa 0.81, ahead of 0.8085/90 (Dec 23 low) followed by 0.8050 and 0.80. On the upside, any recovery is expected to be capped by 0.8130 (100-hourly SMA), ahead of 0.8150/60 (200-hourly SMA) and 0.82.