6 May 2015
AUD/USD: Shows intent for higher ground on 0.8000
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7978 with a high of 0.8029 and a low of 0.7917.
AUD/USD is having a go at the 0.80 handle again and had been trading at the highest level since the end of April before supply capped the pair at the aforementioned highs. the pair has been better bid since the RBA cut interest rates and moved in to wait and see mode again while, subsequently, market sentiment is for a hold on rates for the foreseeable future for now, testing the banks patience in the value of the Aussie. US data today also ha snot helped the bears case with the ADP report disappointing ahead of Nonfarm Payrolls this Friday.
Analysts at UOB Group explained that the outlook for this pair is unclear after the sudden and swift reversal from the high of 0.8077 last week. "The current movement is likely part of a choppy trading phase and only a clear break out of the expected range of 0.7750/0.8000 would suggest the start of a more directional mid-term move."
AUD/USD is having a go at the 0.80 handle again and had been trading at the highest level since the end of April before supply capped the pair at the aforementioned highs. the pair has been better bid since the RBA cut interest rates and moved in to wait and see mode again while, subsequently, market sentiment is for a hold on rates for the foreseeable future for now, testing the banks patience in the value of the Aussie. US data today also ha snot helped the bears case with the ADP report disappointing ahead of Nonfarm Payrolls this Friday.
Analysts at UOB Group explained that the outlook for this pair is unclear after the sudden and swift reversal from the high of 0.8077 last week. "The current movement is likely part of a choppy trading phase and only a clear break out of the expected range of 0.7750/0.8000 would suggest the start of a more directional mid-term move."