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23 Apr 2015
AUD/USD: Spiking between key levels
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7779 with a high of 0.7790 and a low of 0.7709.
AUD/USD is on a rally, hitting the aforementioned highs but stalling at the 0.7780 resistance as the greenback gets shunned. There is little that has changed in the overall scheme however in a fundamental basis and range trading is the theme ahead of the May RBA meeting where markets have stared to discount the likelihood of a rate cut due to the improvements in the the Australian data.
The key that may well be to the RBA's decision could be with the exchange rate and should the Aussie continue to recover to uncomfortable and undesirable levels for the Central Bank, say in to territory on the 0.80 handle, the RBA may need to act accordingly. Technically, the range looks to be for the time being between 0.7570 and 0.7850, while we are up above the pivot with 0.7800 in focus ahead of 0.7836 April highs with 0.7680 as key support before 0.7570/00.
AUD/USD is on a rally, hitting the aforementioned highs but stalling at the 0.7780 resistance as the greenback gets shunned. There is little that has changed in the overall scheme however in a fundamental basis and range trading is the theme ahead of the May RBA meeting where markets have stared to discount the likelihood of a rate cut due to the improvements in the the Australian data.
The key that may well be to the RBA's decision could be with the exchange rate and should the Aussie continue to recover to uncomfortable and undesirable levels for the Central Bank, say in to territory on the 0.80 handle, the RBA may need to act accordingly. Technically, the range looks to be for the time being between 0.7570 and 0.7850, while we are up above the pivot with 0.7800 in focus ahead of 0.7836 April highs with 0.7680 as key support before 0.7570/00.