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16 Mar 2015
AUD/USD: Bears still in control below 0.7812 downtrend
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7654 with a high of 0.7681 and a low of 0.7612.
AUD/USD attempted a go at 0.7680 but failed there with strong offers ahead of stronger looking resistance at 0.7740. The pair is awaiting the RBA minutes tonight from Sydney after the RBA left rates on hold and markets will be looking for an excuse to buy or sell the currency on the back of the verbiage of the minutes and rhetoric in respect to timings of a possible rate cut this year from the Central Bank. This all comes ahead of the FOMC this week as well of course, so, the probable divergence between the two banks should keep a lid on the pairs upside.
Technically, failures below the downtrend at 0.7812 leaves the pair with a bearish picture short term and the bears in the market could well be capable taking the commodity currency to the base of the 2 year down channel at 0.7528 vs the greenback where strong support is sighted. This level brings us towards the starting point of the RBA's preferred range for the Aussie.
AUD/USD attempted a go at 0.7680 but failed there with strong offers ahead of stronger looking resistance at 0.7740. The pair is awaiting the RBA minutes tonight from Sydney after the RBA left rates on hold and markets will be looking for an excuse to buy or sell the currency on the back of the verbiage of the minutes and rhetoric in respect to timings of a possible rate cut this year from the Central Bank. This all comes ahead of the FOMC this week as well of course, so, the probable divergence between the two banks should keep a lid on the pairs upside.
Technically, failures below the downtrend at 0.7812 leaves the pair with a bearish picture short term and the bears in the market could well be capable taking the commodity currency to the base of the 2 year down channel at 0.7528 vs the greenback where strong support is sighted. This level brings us towards the starting point of the RBA's preferred range for the Aussie.