6 May 2014
AUD/USD lined up ahead of RBA statements
FXStreet (Guatemala) - AUD/USD is trading at 0.9277, up 0.05% on the day, having posted a daily high at 0.9281 and low at 0.9271.
AUD/USD is a quiet play on the lead up to the main event today. The RBA decision tonight is going to be accompanied there after the quarterly Statement on Monetary Policy, and that will give us a better picture on Australia’s economic outlook with the RBA’s forecasts. Analysts at RBS explained, “We expect the RBA will maintain a solidly neutral outlook – their prior forecasts had anticipated inflation peaking just above the target range in the first half of 2014 before trending lower. Should the RBA come in largely unchanged, the major event risk for the AUD next week may be the Chinese trade report for April”.
AUD/USD Levels
With spot trading at 0.9279, we can see next resistance ahead at 0.9281 (Daily High), 0.9286 (Daily 20 SMA), 0.9288 (Weekly High), 0.9291 (Yesterday's High) and 0.9306 (Daily Classic R1). Support below can be found at 0.9274 (Daily Open), 0.9274 (Hourly 100 SMA), 0.9273 (Hourly 200 SMA), 0.9271 (Hourly 20 EMA) and 0.9271 (Daily Low).
AUD/USD chart patterns
Looking to candlestick patterns, we can see a Doji formation on the 4-hour chart.
AUD/USD is a quiet play on the lead up to the main event today. The RBA decision tonight is going to be accompanied there after the quarterly Statement on Monetary Policy, and that will give us a better picture on Australia’s economic outlook with the RBA’s forecasts. Analysts at RBS explained, “We expect the RBA will maintain a solidly neutral outlook – their prior forecasts had anticipated inflation peaking just above the target range in the first half of 2014 before trending lower. Should the RBA come in largely unchanged, the major event risk for the AUD next week may be the Chinese trade report for April”.
AUD/USD Levels
With spot trading at 0.9279, we can see next resistance ahead at 0.9281 (Daily High), 0.9286 (Daily 20 SMA), 0.9288 (Weekly High), 0.9291 (Yesterday's High) and 0.9306 (Daily Classic R1). Support below can be found at 0.9274 (Daily Open), 0.9274 (Hourly 100 SMA), 0.9273 (Hourly 200 SMA), 0.9271 (Hourly 20 EMA) and 0.9271 (Daily Low).
AUD/USD chart patterns
Looking to candlestick patterns, we can see a Doji formation on the 4-hour chart.