5 Mar 2015
AUD/USD: Steady on data and remains consolidated
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7820 with a high of 0.7827 and a low of 0.7813.
AUD/USD has had little reaction on the back of data and in-line retail sales numbers and a worse than expected trade balance. The pair is widely expected to continue on its southerly path with the door being left open by the RBA in respect of a rate cut. We now await RBA's Deputy Governor Lowe's speech.
Technically, the market is bearish with a 6 month view from Rabobank analysts for the 0.74 handle. Karen Jones, chief analyst at Commerzbank said, "The market has not yet dislodged any resistance, so for now will maintain a negative bias while below the 0.7895 downtrend." While Valeria Bednarik, chief analyst at FXStreet explained, " The 1 hour chart presents a neutral technical stance, with the technical indicators flat around their mid-lines, while the price stands a few pips below a horizontal 20 SMA."
AUD/USD has had little reaction on the back of data and in-line retail sales numbers and a worse than expected trade balance. The pair is widely expected to continue on its southerly path with the door being left open by the RBA in respect of a rate cut. We now await RBA's Deputy Governor Lowe's speech.
Technically, the market is bearish with a 6 month view from Rabobank analysts for the 0.74 handle. Karen Jones, chief analyst at Commerzbank said, "The market has not yet dislodged any resistance, so for now will maintain a negative bias while below the 0.7895 downtrend." While Valeria Bednarik, chief analyst at FXStreet explained, " The 1 hour chart presents a neutral technical stance, with the technical indicators flat around their mid-lines, while the price stands a few pips below a horizontal 20 SMA."