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23 Apr 2015
AUD/USD: Better offered sub 0.8034
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7745 with a high of 0.7750 and a low of 0.7740.
AUD/USD is edging lower on the offer from sessions over night that came with supply following a day on the bid in Asia yesterday. The CPI's were a short lived rescue package for the Aussie where bears were not allowing room for further advances on the 0.78 handle. There is a little room to the pivot yet at 0.7717 with RSI 14 on the hourly sticks trading at 44, offering further room to the downside.
Meanwhile, markets begin to take bets off the table for rate cut in May, hence the subsequent knee jerk rally yesterday, however although there being still the possibility in this occurring it is also worth noting in respect of the easing debate as to the value of the Aussie.
Stevens was very clear that the currency has further to to fall and while the Aussie is supported, a rate cut could be a card the RBA may wish to pull out in the case of further appreciation's, to say above 0.8000, that might occur on the back of events between now and the 5th May's meeting. Critical resistance in this respect comes as the 0.8034 early January low and a close above here could be the catalyst for rallies that would be a concern for the RBA.
AUD/USD is edging lower on the offer from sessions over night that came with supply following a day on the bid in Asia yesterday. The CPI's were a short lived rescue package for the Aussie where bears were not allowing room for further advances on the 0.78 handle. There is a little room to the pivot yet at 0.7717 with RSI 14 on the hourly sticks trading at 44, offering further room to the downside.
Meanwhile, markets begin to take bets off the table for rate cut in May, hence the subsequent knee jerk rally yesterday, however although there being still the possibility in this occurring it is also worth noting in respect of the easing debate as to the value of the Aussie.
Stevens was very clear that the currency has further to to fall and while the Aussie is supported, a rate cut could be a card the RBA may wish to pull out in the case of further appreciation's, to say above 0.8000, that might occur on the back of events between now and the 5th May's meeting. Critical resistance in this respect comes as the 0.8034 early January low and a close above here could be the catalyst for rallies that would be a concern for the RBA.