2 Feb 2015
AUD/USD consolidates above 0.7750, RBA decision eyed
FXStreet (Mumbai) - AUD/USD shaved-off previous gains and traded flat in the mid-Asian session as traders now turn their attention towards the Oz commodity prices numbers due for release shortly.
Trades below monthly 200-SMA
Currently, the AUD/USD trades flat at 0.7770 levels, retreating from previously clocked day’s high at 0.7795 levels. The Aussie advanced this morning as traders digest upbeat Australian manufacturing numbers. Moreover, a recovery seen in precious metals and copper prices also supported the Aussie.
Meanwhile, the Aussie may continue its accumulation phase between 0.7720-0.7800 band as traders now eye RBA’s cash rate announcement due tomorrow. The RBA has been on hold at 2.5% for more than a year now, but with inflation slipping below the RBA's 2-3% target range last quarter the scope to ease has broadened.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7810 (monthly 200-SMA) levels, above which gains could be extended to 0.7850 levels. On the flip side, support is seen at 0.7750 from here it to 0.7720 levels
Trades below monthly 200-SMA
Currently, the AUD/USD trades flat at 0.7770 levels, retreating from previously clocked day’s high at 0.7795 levels. The Aussie advanced this morning as traders digest upbeat Australian manufacturing numbers. Moreover, a recovery seen in precious metals and copper prices also supported the Aussie.
Meanwhile, the Aussie may continue its accumulation phase between 0.7720-0.7800 band as traders now eye RBA’s cash rate announcement due tomorrow. The RBA has been on hold at 2.5% for more than a year now, but with inflation slipping below the RBA's 2-3% target range last quarter the scope to ease has broadened.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7810 (monthly 200-SMA) levels, above which gains could be extended to 0.7850 levels. On the flip side, support is seen at 0.7750 from here it to 0.7720 levels