28 Oct 2013
AUD/USD riding flat waves ahead of RBA’s Stevens speech
FXstreet.com (Chicago) - AUD/USD continues facing strong bearish pressure and navigating on trading range with slightly higher lows and highs at the closing of Wall Street.
Clarity
According to Adam Button from FXLive “The Australian dollar is in a mild retracement phase after a nearly two month run-up. The calendar for Australia is light until the Nov 5 RBA decision but a hint about what’s to come when RBA Governor Stevens speaks in Sydney at a investment conference at 2230 GMT (6:30 pm ET). The speech is embargoed for media so there is the potential for market-moving information although there won’t be a Q&A. The RBA has been the main driver of the Australian dollar this year. AUD/USD bottomed for the year at 0.8848 on the day before the RBA rate cut to 2.50%. Since then, the central bank has shifted to a neutral stance in its statement.”
AUD/USD Technical Levels
Technically speaking, the pair is offered at 0.9572 and oscillates between the supports aligned at 0.9523 (October 8th lows), 0.9479 (October 10th highs) ahead of 0.9415 (October 17th lows) and the resistances set at 0.96 (October 23rd lows), 0.9676 (October 18th highs) followed by 0.9757 (October 22nd highs). Price action reveals the pair extends a sideways wave minutes before the closing of Wall Street. Printing lows at 0.9555 and highs at 0.9625, the FXstreet.com trend index reports the pair as strongly bearish on one-hour timeframe analysis below the EMA20.
Clarity
According to Adam Button from FXLive “The Australian dollar is in a mild retracement phase after a nearly two month run-up. The calendar for Australia is light until the Nov 5 RBA decision but a hint about what’s to come when RBA Governor Stevens speaks in Sydney at a investment conference at 2230 GMT (6:30 pm ET). The speech is embargoed for media so there is the potential for market-moving information although there won’t be a Q&A. The RBA has been the main driver of the Australian dollar this year. AUD/USD bottomed for the year at 0.8848 on the day before the RBA rate cut to 2.50%. Since then, the central bank has shifted to a neutral stance in its statement.”
AUD/USD Technical Levels
Technically speaking, the pair is offered at 0.9572 and oscillates between the supports aligned at 0.9523 (October 8th lows), 0.9479 (October 10th highs) ahead of 0.9415 (October 17th lows) and the resistances set at 0.96 (October 23rd lows), 0.9676 (October 18th highs) followed by 0.9757 (October 22nd highs). Price action reveals the pair extends a sideways wave minutes before the closing of Wall Street. Printing lows at 0.9555 and highs at 0.9625, the FXstreet.com trend index reports the pair as strongly bearish on one-hour timeframe analysis below the EMA20.