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8 May 2013
Forex: AUD/USD remains below 1.0200
FXstreet.com (Barcelona) - The demand for the Aussie dollar remains subdued on Wednesday, unable to gather traction in order to follow through the key resistance at 1.0200, despite the favourable atmosphere for riskier assets.
“The RBA has tended to show its hand ahead of key data, as history shows… With a relatively unanticipated 25-bps cut today, I would be expecting weak Australian and Chinese data over the next few days, all of which could underpin a move in AUDUSD towards $1.0000 by the end of May”, assessed Christopher Vecchio, Currency Analyst at DailyFX.
AUD/USD is now up 0.06% at 1.0190 with the next hurdle at 1.0210 (hourly highs May 7) ahead of 1.0221 (low Apr.23) and finally 1.0270 (hourly high May 6).
On the downside, a break below 1.0116 (2013 low Mar.4) would expose 1.0100 (low Jul.12 2012) and then 1.10021 (low Jun.29 2012).
“The RBA has tended to show its hand ahead of key data, as history shows… With a relatively unanticipated 25-bps cut today, I would be expecting weak Australian and Chinese data over the next few days, all of which could underpin a move in AUDUSD towards $1.0000 by the end of May”, assessed Christopher Vecchio, Currency Analyst at DailyFX.
AUD/USD is now up 0.06% at 1.0190 with the next hurdle at 1.0210 (hourly highs May 7) ahead of 1.0221 (low Apr.23) and finally 1.0270 (hourly high May 6).
On the downside, a break below 1.0116 (2013 low Mar.4) would expose 1.0100 (low Jul.12 2012) and then 1.10021 (low Jun.29 2012).