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AUD/USD: 0.7110 is key to the upside - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that AUD/USD advanced up to 0.7110 at the beginning of this week, finding support in strong commodities' prices.

Key Quotes:

"The pair retreated from the level, down to 0.7055 before recovering back towards its high, amid rising stocks. The short term picture is bullish, as the 1 hour chart shows that the price is well above a bullish 20 SMA, although the technical indicators have lost their bullish strength, still holding above their mid-lines."

"In the 4 hours chart, the upward potential is also clear, as the 20 SMA heads sharply higher, currently around 0.7050, whilst the Momentum indicator heads sharply higher well above its 100 level and the RSI indicator consolidates around 59.

In this last chart, the 200 EMA stands around the mentioned daily high of 0.7110, and a break above it should confirm additional gains, pointing to an approach to the 0.7200 price zone later on in the day. "

US stocks close sharply higher

US indexes closed strongly up, with the Dow Jones adding 304 points and closing the day at 16,776.43, whilst the Nasdaq advanced 1.56% and the S&P closed up 1.83%. The strong recovery was led by a rally in energy and commodity-related shares, which surged following the latest US poor employment data that took out of the picture a rate hike or this 2015.
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