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7 Jul 2014
AUD/USD barely holding above 0.9350
FXStreet (Bali) - AUD/USD is trading just above the 0.9350 level, with price action still feeling quite heavy following last wweek's dovish language by RBA Stevens and upbeat US NFP.
According to Jim Langlands, Founder at FXCharts: "Having been bullish on the Aud recently, I now think it more prudent to take a neutral stance following the break of the rising trend support that has held firm since the Aud bottomed out in January."
Technically, Jim notes: "The dailies have now turned to look a little negative and it does look, as though it may be a sell on rallies. A rally back above 0.9400 though, would stabilize matters and if the Chinese data is constructive, the Aud could very easily take another swing higher."
According to Jim Langlands, Founder at FXCharts: "Having been bullish on the Aud recently, I now think it more prudent to take a neutral stance following the break of the rising trend support that has held firm since the Aud bottomed out in January."
Technically, Jim notes: "The dailies have now turned to look a little negative and it does look, as though it may be a sell on rallies. A rally back above 0.9400 though, would stabilize matters and if the Chinese data is constructive, the Aud could very easily take another swing higher."