FxWirePro
Long

AUD/USD rallies after positive Federal budget, good to buy at de

FX:AUDUSD   Australian Dollar/U.S. Dollar
197 0 0
Aussie rallied till 0.80093 after there was a positive reaction to Tuesday night's federal budget.

The government forecast that the budget deficit will narrow from 2.6% of GDP in 2014/15 to 0.4% of GDP in 2018/19.
“The Australian dollar             outperformed, which is possibly a result of the fears of a ratings downgrade post the budget being unfounded,” senior currency strategist NBA Emma Lawson said.

Technically AUD/USD             is facing resistance around 0.8025 and any break above will extend gains till 0.8074/0.8115.

The pair is expected to find support at 0.792 and break below could take it to next level of 0.7850.

Indicator (1 Hours chart)

CCI (50) - Buy

CCI (14) – Sell

Ichimoku- neutral

It is good to buy at dips around 0.7950 for the target of 0.8025/0.8074 with stop around 0.7915.



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