USD Trading Outlook (24-02-2015)

AUD/USD Both Europe & NY made attempts to break below the 200-HMA but failed the resulting bounces were limited though. AUD/USD’s bounce off the MA could only reach s-t hourly resistance near 0.7815. The bounces were likely limited due to generally heavy commodity prices and AUD/NZD’s slip towards 1.0355. NY’s afternoon saw the pair a bit heavy and sit near 0.7800 into the close. Traders aren’t getting overly aggressive as they await Fe Chief Yellen’s testimony to congress tomorrow. Should she lean hawkish and have a June hike feasible, AUD/USD should slide. key supports near 0.7740 & 0.7720 might then get tested. A break below 0.7720 likely means the recent squeeze is through and a retest of the 2015 low might ensue.