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15 Jan 2015
Commodity currencies soar after SNB decision – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares that commodity currencies soared after the SND decision, sending AUD/USD higher towards a fresh 6-week high at 0.8294 levels.
Key Quotes
“Commodity currencies soared after SNB announcement, with the AUD/USD pair reaching 0.8294, a fresh 6-week high before retracing some, still holding above the 0.8200 figure.”
“The 1 hour chart shows that price struggles around former weekly highs and well above a bullish 20 SMA despite indicators retrace from extreme overbought levels, meaning that as long as 0.8200 holds, the upside remains favored.”
“In the 4 hours chart price was unable to sustain gains beyond the 200 EMA, currently around 0.8260 and immediate resistance, while indicators maintain a positive bias supporting the shorter term view.”
Key Quotes
“Commodity currencies soared after SNB announcement, with the AUD/USD pair reaching 0.8294, a fresh 6-week high before retracing some, still holding above the 0.8200 figure.”
“The 1 hour chart shows that price struggles around former weekly highs and well above a bullish 20 SMA despite indicators retrace from extreme overbought levels, meaning that as long as 0.8200 holds, the upside remains favored.”
“In the 4 hours chart price was unable to sustain gains beyond the 200 EMA, currently around 0.8260 and immediate resistance, while indicators maintain a positive bias supporting the shorter term view.”