17 Feb 2015
AUD/USD: Sidelined within familiar range; less dovish RBA minutes
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7808 with a high of 0.7830 and a low of 0.7741.
AUD/USD is in a sideways channel between 0.7800 in the main, 0.7875 the highest point, and supported in the 0.7620's. The RBA minutes were much of the same and a reflection of last weeks Statement from Stevens, with nothing further to add - the Aussie is overvalued and no indications were made by a less dovish Bank that there will be a rate rise at the next RBA meeting.
The US dollar has been better bid today while Gold and commodity prices in general have been soft. Technically, the downtrend at 0.8024 caps the upside but anything through here would alleviate the bearish pressures in an otherwise sideways formation currently, while below 0.7597, there is little support, as explained by Karen Jones, chief analyst at Commerzbank.
AUD/USD is in a sideways channel between 0.7800 in the main, 0.7875 the highest point, and supported in the 0.7620's. The RBA minutes were much of the same and a reflection of last weeks Statement from Stevens, with nothing further to add - the Aussie is overvalued and no indications were made by a less dovish Bank that there will be a rate rise at the next RBA meeting.
The US dollar has been better bid today while Gold and commodity prices in general have been soft. Technically, the downtrend at 0.8024 caps the upside but anything through here would alleviate the bearish pressures in an otherwise sideways formation currently, while below 0.7597, there is little support, as explained by Karen Jones, chief analyst at Commerzbank.