17 Feb 2015
AUD/USD: Steady ahead of RBA minutes
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7773 with a high of 0.7796 and a low of 0.7750.
AUD/USD is trading steady ahead of the RBA minutes. These are key given that the market is keen to establish whether we will indeed see a series of rate cuts for the rest of the year. However, it was just recently that we listened to Stevens Statement of Monetary Policy where it was indicated that the door was left open but certainly the Aussie was likely to come off further.
AUD/USD is supported on a broader time frame at the base of the 2013-2015 down channel at 0.7597. Karen Jones, chief analyst at Commerzbank suggested previously that attention stays with the 20 day ma at 0.7874, the 7th Jan low at 0.8034 and the key resistance offered by the downtrend at 0.8048. "A close above here is needed to alleviate downside pressure. Below 0.7597 we have very little support apart from the 0.7335, 50% retracement of the move up from 2001."
AUD/USD is trading steady ahead of the RBA minutes. These are key given that the market is keen to establish whether we will indeed see a series of rate cuts for the rest of the year. However, it was just recently that we listened to Stevens Statement of Monetary Policy where it was indicated that the door was left open but certainly the Aussie was likely to come off further.
AUD/USD is supported on a broader time frame at the base of the 2013-2015 down channel at 0.7597. Karen Jones, chief analyst at Commerzbank suggested previously that attention stays with the 20 day ma at 0.7874, the 7th Jan low at 0.8034 and the key resistance offered by the downtrend at 0.8048. "A close above here is needed to alleviate downside pressure. Below 0.7597 we have very little support apart from the 0.7335, 50% retracement of the move up from 2001."