FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained and noted that the AUD/USD pair trades at its highest in 2 weeks, boosted by a less dovish than-expected RBA statement at the beginning of the day, and a continued recovery in commodity prices.
Key Quotes:
"The Central Bank Governor, Glenn Stevens, showed little concern over the economic slowdown in the region, and even cited improvement in the labor market after leaving rates unchanged at 2.0%.
The pair holds near its highs early Asia and the 1 hour chart shows that the Momentum indicator has resumed its advance well above its 100 level after correcting overbought readings, whilst the RSI indicator holds around 70, and the 20 SMA heads sharply higher around 0.7120.
In the 4 hours chart the technical indicators have lost upward their strength near overbought levels, but the price has broken above its 200 EMA for the first time since mid September, supporting additional gains in the mid-term, as long as the level holds."
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