2 Feb 2015
AUD/USD unmoved as Aus Commodity prices drop, on its way to 0.7800
FXStreet (Mumbai) - AUD/USD remained unaffected by the bearish Australian commodity prices index which showed continued drop in commodity prices.
Up from 0.7770 levels
Currently, the AUD/USD trades higher by 0.32% at 0.7790 levels, inching towards 0.7800 levels. The Aussie remains elevated in the late-Asian session, shrugging of sluggish commodity prices index numbers which dropped -20.40% in January from a -21.20% fall in December.
Investors now switch their attention towards the RBA’s cash rate announcement due tomorrow. Traders now expect that RBA may hold off on cutting interest rates but may switch its policy stance to more accommodative after the economy continues to experience weak growth and softer inflation.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7810 (monthly 200-SMA) levels, above which gains could be extended to 0.7850 levels. On the flip side, support is seen at 0.7750 from here it to 0.7720 levels.
Up from 0.7770 levels
Currently, the AUD/USD trades higher by 0.32% at 0.7790 levels, inching towards 0.7800 levels. The Aussie remains elevated in the late-Asian session, shrugging of sluggish commodity prices index numbers which dropped -20.40% in January from a -21.20% fall in December.
Investors now switch their attention towards the RBA’s cash rate announcement due tomorrow. Traders now expect that RBA may hold off on cutting interest rates but may switch its policy stance to more accommodative after the economy continues to experience weak growth and softer inflation.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7810 (monthly 200-SMA) levels, above which gains could be extended to 0.7850 levels. On the flip side, support is seen at 0.7750 from here it to 0.7720 levels.