03/02/15 AUDUSD remains above 0.77 ahead of RBA Rate Statement


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AUDUSD remains above 0.77 ahead of RBA Rate Statement. A retracement from the drop last week below 0.8000 was observed yesterday with candles holding above 0.77. High volatility can be expected later with the release of data and should the Cash Rate holds the same or drop, we can expect the pair to drive towards Fibonacci Expansion 200.0% at 0.7575.

 

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Candles have just broken above the previous resistance at 0.7788 with the next resistance at 0.7881. However, stochastic oscillator nears the overbought region but has yet to give a clear signal for a shorting opportunity.

 

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Focusing on H1 chart, candles are observed to be supported at 0.7788. However, with the release of data from RBA in minutes away, it is not advisable to engage in any trades.

Trend Direction
 S3
S2
S1
R1
R2
Bullish0.76570.77220.77880.78810.8000

 

 

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