10 Mar 2015
AUD/USD: Gravity taking a grip of the Aussie
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7688 with a high of 0.7708 and a low of 0.7687 at time of writing.
AUD/USD is acting to be a sell on rallies as markets continue to favour the downside and any attempts at the upside are faded, as in today's business overnight, between the highs of 0.7740 and back down to text the 77 handles support at the figure. There have been reports in the media that the RBA want the value of the Aussie down to the 0.70 level and trading up to just 0.7500, which stays in tune with the RBA's continuous jaw boning.
Markets will keep an eye on the commodities and iron ore in particular while focus of attention remains in the main with the performance of the US economy and timings of an interest rate hike from the Fed while the RBA seems to be only a matter of time for the markets before easing takes place. Technically, we are not far off from the key 0.7627 while we have very little support apart from the base of the 2 year down channel at 0.7528 then 0.7335, 50% retracement of the move up from 2001, as noted by Karen Jones, chief analyst at Commerzbank.
AUD/USD is acting to be a sell on rallies as markets continue to favour the downside and any attempts at the upside are faded, as in today's business overnight, between the highs of 0.7740 and back down to text the 77 handles support at the figure. There have been reports in the media that the RBA want the value of the Aussie down to the 0.70 level and trading up to just 0.7500, which stays in tune with the RBA's continuous jaw boning.
Markets will keep an eye on the commodities and iron ore in particular while focus of attention remains in the main with the performance of the US economy and timings of an interest rate hike from the Fed while the RBA seems to be only a matter of time for the markets before easing takes place. Technically, we are not far off from the key 0.7627 while we have very little support apart from the base of the 2 year down channel at 0.7528 then 0.7335, 50% retracement of the move up from 2001, as noted by Karen Jones, chief analyst at Commerzbank.