20 Aug 2013
AUD/USD keeps correcting below 0.9100
FXstreet.com (Edinburgh) -The Aussie dollar found increasing selling pressure after the release of the RBA minutes, dragging the AUD/USD to the current region of 0.9050.
AUD/USD hurt by RBA
Today’s RBA minutes lacked the usual dovish tone. While the central bank left the door open for another rate cuts, it remarked that there is no rush at the moment to ease further. The AUD reacted negatively although framed within a sharp sell-off in the Asia-Pac currencies. in the opinion of Westpac Global Strategy Group, “We stick with our multi-day call for 0.9300/50 on the back of rising commodity prices, a lingering overhang of short AUD positions vulnerable to a further squeeze and receding pricing for RBA easing… Sub-0.90 trade seems unlikely near term”.
AUD/USD key levels
As of writing the pair is down 0.78% at 0.9037 and a breach of 0.8997 (channel line) would expose 0.8849 (low Aug.5) and then 0.8770 (August 2010 low). On the flip side, the initial resistance lines up at 0.9195 (MA50d) followed by 0.9234 (high Aug.19) and then 0.9242 (cloud base).
AUD/USD hurt by RBA
Today’s RBA minutes lacked the usual dovish tone. While the central bank left the door open for another rate cuts, it remarked that there is no rush at the moment to ease further. The AUD reacted negatively although framed within a sharp sell-off in the Asia-Pac currencies. in the opinion of Westpac Global Strategy Group, “We stick with our multi-day call for 0.9300/50 on the back of rising commodity prices, a lingering overhang of short AUD positions vulnerable to a further squeeze and receding pricing for RBA easing… Sub-0.90 trade seems unlikely near term”.
AUD/USD key levels
As of writing the pair is down 0.78% at 0.9037 and a breach of 0.8997 (channel line) would expose 0.8849 (low Aug.5) and then 0.8770 (August 2010 low). On the flip side, the initial resistance lines up at 0.9195 (MA50d) followed by 0.9234 (high Aug.19) and then 0.9242 (cloud base).