17 Feb 2015
AUD/USD supported on RBA minutes
FXStreet (Mumbai) - AUD/USD dipped to fresh session lows post the release of Reserve Bank of Australia’s monetary policy meeting minutes, however, quickly pulled back and traded flat as the minutes remained more or less in lines with RBA policy statement on 4th February.
AUD/USD dips to 0.7743 levels post minutes release
Currently, the AUD/USD trades muted at 0.7769 levels, quickly bouncing-off a dip at 0.7743 levels in an immediate reaction after the minutes released. The Aussie trades largely unchanged as the RBA minutes echoed that exchange rate remains above its fundamental value and further depreciation would only support growth.
Further, the minutes upgraded inflation expectations over time from the pass-through of the depreciation of the Australian dollar.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7790 (20-DMA) levels, above which gains could be extended to 0.7840 (Feb 9 High) levels. On the flip side, support is seen at 0.7721 (Feb 13 Low) from here it to 0.7691 (Feb 11 Low) levels.
AUD/USD dips to 0.7743 levels post minutes release
Currently, the AUD/USD trades muted at 0.7769 levels, quickly bouncing-off a dip at 0.7743 levels in an immediate reaction after the minutes released. The Aussie trades largely unchanged as the RBA minutes echoed that exchange rate remains above its fundamental value and further depreciation would only support growth.
Further, the minutes upgraded inflation expectations over time from the pass-through of the depreciation of the Australian dollar.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7790 (20-DMA) levels, above which gains could be extended to 0.7840 (Feb 9 High) levels. On the flip side, support is seen at 0.7721 (Feb 13 Low) from here it to 0.7691 (Feb 11 Low) levels.