7 Apr 2015
AUD/USD back to 0.76 after testing 0.7620 highs
FXStreet (Bali) - AUD/USD has been unable to sustain Australia's retail sales -driven pop up, reaching a high of 0.7621 before a retrace back towards 0.76 round number, with all eyes now on the RBA monetary policy decision.
View from Jim Langlands, Founder at FXCharts
"A cut is coming anyway at some stage, so the downside for the Aud seems to be the path of least resistance, with the initial support levels to watch being at 0.7559 (11 Mar low) and at 0.7532 (2 April low). Below here the RBA’s line in the sand at 0.7500 will provide stronger support, but a break of which would open up the way to 0.7414 (Oct 2010 low)."
"If the RBA do stay on hold today, we are going to get another spike back towards 0.7650/60 and possibly on towards 0.7700, although if seen it would most likely be temporary and would offer a reasonable sell opportunity as the market turns its thoughts immediately towards next month’s meeting."
View from Jim Langlands, Founder at FXCharts
"A cut is coming anyway at some stage, so the downside for the Aud seems to be the path of least resistance, with the initial support levels to watch being at 0.7559 (11 Mar low) and at 0.7532 (2 April low). Below here the RBA’s line in the sand at 0.7500 will provide stronger support, but a break of which would open up the way to 0.7414 (Oct 2010 low)."
"If the RBA do stay on hold today, we are going to get another spike back towards 0.7650/60 and possibly on towards 0.7700, although if seen it would most likely be temporary and would offer a reasonable sell opportunity as the market turns its thoughts immediately towards next month’s meeting."