16 Feb 2015
AUD/USD: Awaiting Central Bank's minutes
FXStreet (Guatemala) - AUD/USD is trading at 0.7778 with a high of 0.7784 and a low of 0.7756.
AUD/USD remains in consolidation of the bearish downtrend post conflicting Jobs data from the US and Australia, with the US holding the good news and Australia the poor news and further rate cuts anticipated from the RBA while the FOMC are taking on a hawkish stance.
Tomorrow and further down the line in the week the calendar will have revealed both of the Centrals Bank's minutes, although the RBA's may not come with anything other than what we already heard from Stevens last week in his Statement of Monetary Policy that was followed by over two hours of QnA - much of the same and jawboning of the Aussie.
However, Valeria Bednarik, chief analyst at FXStreet explained that should the Central Bank leave the doors open for another rate cut, the Aussie may extend its fall to fresh year lows this week. "In the meantime, the 4 hours chart shows that the price is hovering around the 50% retracement of its latest bullish run, with the 20 SMA a few pips below it and maintaining a bearish slope. The Momentum indicator stands above its mid-line, while the RSI turned lower around 49, leaving a neutral-to-bearish technical stance ahead of the opening."
AUD/USD remains in consolidation of the bearish downtrend post conflicting Jobs data from the US and Australia, with the US holding the good news and Australia the poor news and further rate cuts anticipated from the RBA while the FOMC are taking on a hawkish stance.
Tomorrow and further down the line in the week the calendar will have revealed both of the Centrals Bank's minutes, although the RBA's may not come with anything other than what we already heard from Stevens last week in his Statement of Monetary Policy that was followed by over two hours of QnA - much of the same and jawboning of the Aussie.
However, Valeria Bednarik, chief analyst at FXStreet explained that should the Central Bank leave the doors open for another rate cut, the Aussie may extend its fall to fresh year lows this week. "In the meantime, the 4 hours chart shows that the price is hovering around the 50% retracement of its latest bullish run, with the 20 SMA a few pips below it and maintaining a bearish slope. The Momentum indicator stands above its mid-line, while the RSI turned lower around 49, leaving a neutral-to-bearish technical stance ahead of the opening."