FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the Aussie advanced for a third day in-a-row against the greenback, with the pair having reached a daily high of 0.7083 before retreating to the current 0.7030 region.
Key Quotes:
"The pair rallied on the back of an improved sentiment at the beginning of the day that sent stocks higher in Asia, but the rally faded alongside with stocks afterwards.
Technically, and despite the pair holds above the 0.7000 level, the risk has turned back towards the downside, as the 1 hour chart shows that the price is well below a still bullish 20 SMA, whilst the technical indicators are losing bearish momentum, but remain well below their mid-lines.
In the 4 hours chart, the technical indicators have turned sharply lower from near overbought territory, and are getting closer to cross their mid-lines towards the downside, whilst the 20 SMA remains horizontal around 0.7000, providing an immediate short term support."
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