2 Jul 2013
AUD/USD dips below 0.9230 as RBA nears
FXstreet.com (Barcelona) - With increasing chatter about a rate cut today coming from the RBA, even though market consensus according to Reuters is for a hold at current 2.75%, the Aussie has recently sold off from session and double weekly high so far at the 0.9250 USD level, last trading at 0.9220, off fresh session lows at 0.9207.
Positive bias in the short term
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the AUD/USD maintains “the positive bias at least in the short term, with price well above a bullish 20 SMA and indicators standing in positive territory.” The analyst notes more resistance in the longer time frames, “capped by 20 SMA barely above current price, while indicators head north still below their midlines,” in the 4H charts, Bednarik said. Adding: “A steady continuation above 0.9250 should anticipate more advances, yet back below 0.9200 the downside is exposed back towards 0.9100.”
Key technical levels
Bednarik notes support levels at: 0.9190, 0.9150 and 0.9110, while resistance levels at: 0.9235, 0.9270 and 0.9310.
Positive bias in the short term
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the AUD/USD maintains “the positive bias at least in the short term, with price well above a bullish 20 SMA and indicators standing in positive territory.” The analyst notes more resistance in the longer time frames, “capped by 20 SMA barely above current price, while indicators head north still below their midlines,” in the 4H charts, Bednarik said. Adding: “A steady continuation above 0.9250 should anticipate more advances, yet back below 0.9200 the downside is exposed back towards 0.9100.”
Key technical levels
Bednarik notes support levels at: 0.9190, 0.9150 and 0.9110, while resistance levels at: 0.9235, 0.9270 and 0.9310.