1 May 2015
AUD/USD stuck between key levels and consolidated
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7901 with a high of 0.7907 and a low of 0.7893.
AUD/USD bears are held up on the downside as the major makes a minor recovery from the lows post the supply that came of yesterday's business from upon the 0.80 handle, and a psychological zone where the RBA have signalled as being unfavourable for the real economy.
Next week the bank are due to met on the 7th May and analysts warn that a cut might be the course of action that the Bank will take in order to positively impact the real economy and weaken the Australian dollar. However, until closes are made through 0.8034, being the early January low and 0.8068, the 2010 low, the pair is likely to remain heavy. Karen Jones, chief analyst at Commerzbank explained that the major will need to close below 0.7852 to signal the resumption of the down move.
AUD/USD bears are held up on the downside as the major makes a minor recovery from the lows post the supply that came of yesterday's business from upon the 0.80 handle, and a psychological zone where the RBA have signalled as being unfavourable for the real economy.
Next week the bank are due to met on the 7th May and analysts warn that a cut might be the course of action that the Bank will take in order to positively impact the real economy and weaken the Australian dollar. However, until closes are made through 0.8034, being the early January low and 0.8068, the 2010 low, the pair is likely to remain heavy. Karen Jones, chief analyst at Commerzbank explained that the major will need to close below 0.7852 to signal the resumption of the down move.