7 May 2015
Long AUD/USD, target 0.8230 – Growth Aces
FXStreet (Barcelona) - The Growth Aces Research Team comments on the RBA quarterly review on Friday, and further shares the trade setup for AUD/USD, maintaining a bullish outlook on the pair.
Key Quotes
“The Reserve Bank of Australia cut rates to a record low of 2.0% on Tuesday. The central bank will release updated forecasts for growth and inflation in a quarterly review on Friday. The long-standing practice of the RBA is not to offer forward guidance when it has just changed rates. That was true in February when it cut to 2.25%, but expressed no easing bias in its quarterly policy statement.”
“We maintain our long AUD/USD position with the stop-loss raised to 0.7900. The rate hold above 10-dma and a test of the April high looks likely. The nearest resistance level is 0.8075/80, but we see potential for even bigger gains.”
“Resistance: 0.8004 (session high May 7), 0.8031 (session high May 6), 0.8077 (high Apr 29)”
“Support: 0.7929 (session low May 7), 0.7918 (low May 6), 0.7904 (10-dma)”
“AUD/USD: long at 0.7870, target 0.8230, stop-loss moved to 0.7900, risk factor ***”
Key Quotes
“The Reserve Bank of Australia cut rates to a record low of 2.0% on Tuesday. The central bank will release updated forecasts for growth and inflation in a quarterly review on Friday. The long-standing practice of the RBA is not to offer forward guidance when it has just changed rates. That was true in February when it cut to 2.25%, but expressed no easing bias in its quarterly policy statement.”
“We maintain our long AUD/USD position with the stop-loss raised to 0.7900. The rate hold above 10-dma and a test of the April high looks likely. The nearest resistance level is 0.8075/80, but we see potential for even bigger gains.”
“Resistance: 0.8004 (session high May 7), 0.8031 (session high May 6), 0.8077 (high Apr 29)”
“Support: 0.7929 (session low May 7), 0.7918 (low May 6), 0.7904 (10-dma)”
“AUD/USD: long at 0.7870, target 0.8230, stop-loss moved to 0.7900, risk factor ***”