Free Trial

Bulls and Bears at Loggerheads The.....>

AUSSIE TECHS
AUSSIE TECHS: Bulls and Bears at Loggerheads
The rate took a decent hit on the back of soft Chinese PMIs, knocking sentiment
toward AUD with a brief move under 0.7050. This was repeated again later in US
hours, with Tuesday's volatility suggesting that neither bulls or bears are able
to gain a foothold. Topside focus remains on a break of the 0.71 level & 55-dma
at 0.7106. A close above is needed to suggest a broader recovery, opening the
key 200-dma at 0.7176 ahead of the April 17 high at 0.7206. Bears look for a
close below the 0.7000 level, with a break of the April 25 low at 0.6988
shifting the focus back to the Jan lows.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.