Back
15 Mar 2015
AUD/USD heavy ahead of RBA minutes - FXStreet
FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, the overall picture in AUD/USD remains bearish, with gains above 0.7730 level required to confirm additional advances.
Key Quotes
"The Australian dollar maintains a heavy tone against its American rival, with the pair down to 0.7559 last week, a level not seen since MAY 2009. Having bounced sharply after posting such lows, the pair found selling interest around 0.7730, now the main static resistance level for this Monday."
"Later this week the RBA will release the Minutes of its latest meeting, when the Central Bank decided to leave rates on hold. The market will be looking for clues on an upcoming rate cut, which if suggested, should lead to further declines in the pair."
"Short term, the 1 hour chart shows that the price holds below a bearish 20 SMA, whilst the indicators stand directionless in negative territory. In the 4 hours chart the price stands below a flat 20 SMA, whilst the Momentum indicator aims higher above 100 and the RSI indicator presents a tepid bullish slope around 44, suggesting the pair correct higher in the short term, although some steady gains above the mentioned 0.7730 level are required to confirm additional advances during the upcoming days."
Key Quotes
"The Australian dollar maintains a heavy tone against its American rival, with the pair down to 0.7559 last week, a level not seen since MAY 2009. Having bounced sharply after posting such lows, the pair found selling interest around 0.7730, now the main static resistance level for this Monday."
"Later this week the RBA will release the Minutes of its latest meeting, when the Central Bank decided to leave rates on hold. The market will be looking for clues on an upcoming rate cut, which if suggested, should lead to further declines in the pair."
"Short term, the 1 hour chart shows that the price holds below a bearish 20 SMA, whilst the indicators stand directionless in negative territory. In the 4 hours chart the price stands below a flat 20 SMA, whilst the Momentum indicator aims higher above 100 and the RSI indicator presents a tepid bullish slope around 44, suggesting the pair correct higher in the short term, although some steady gains above the mentioned 0.7730 level are required to confirm additional advances during the upcoming days."