3 May 2016
AUD/USD fades the spike above 0.7600
After a brief attempt to regain the 0.7600 handle, AUD/USD has now returned to the 0.7585/80 band.
AUD/USD still suffering the RBA move
The Aussie dollar lost over a cent in response to the unexpected rate cut by the RBA at its meeting earlier in the Asian session, although sellers met decent support in the mid-0.7500s for the time being.
The central bank justified its decision in the low level of domestic inflation and mixed perspective in the labour market, while it aims to spur growth prospects at the same time. Focus has now shifted to Friday’s SoMP.
AUD/USD levels to watch
At the moment the pair is retreating 1.15% at 0.7581 and a breakdown of 0.7556 (post-RBA low May 3) would open the door to 0.7545 (low Apr.27) and then 0.7526 (55-day sma). On the flip side, the next up barrier lines up at 0.7719 (high May 3) followed by 0.7770 (high Apr.27) and then 0.7836 (2016 high Apr.21).
AUD/USD still suffering the RBA move
The Aussie dollar lost over a cent in response to the unexpected rate cut by the RBA at its meeting earlier in the Asian session, although sellers met decent support in the mid-0.7500s for the time being.
The central bank justified its decision in the low level of domestic inflation and mixed perspective in the labour market, while it aims to spur growth prospects at the same time. Focus has now shifted to Friday’s SoMP.
AUD/USD levels to watch
At the moment the pair is retreating 1.15% at 0.7581 and a breakdown of 0.7556 (post-RBA low May 3) would open the door to 0.7545 (low Apr.27) and then 0.7526 (55-day sma). On the flip side, the next up barrier lines up at 0.7719 (high May 3) followed by 0.7770 (high Apr.27) and then 0.7836 (2016 high Apr.21).