Back
19 Mar 2013
Forex: AUD/USD above 1.0400 post-RBA minutes
FXstreet.com (Barcelona) - The AUD/USD is shaking up a bit in between 1.0400 and 1.0386 as latest RBA minutes has been just released, to remain unchanged at 1.0395 last, where it was at the time of the release. The pair managed to close the weekly opening gap down yesterday to 1.0340 lows, printing highs at 1.0410 during NY session.
The RBA board doesn't close the door to further cut rates but already admits the cuts already done are doing its work and that current levels are below the normal. If economic conditions remain as they are, market participants are starting to feel as if the easing cycle might have come to an end. Odds of a rate cut in next RBA April meeting are very low at the moment. AUD/USD trades last at 1.0403.
Immediate resistance to the upside for AUD/USD shows at mentioned NY weekly highs 1.0410, followed by Friday's highs at 1.0415, and Feb 05 highs at 1.0458. To the downside, nearest term support lies at recent session lows 1.0384, followed by Friday's lows at 1.0360, and yesterday's weekly lows at 1.0340.
The RBA board doesn't close the door to further cut rates but already admits the cuts already done are doing its work and that current levels are below the normal. If economic conditions remain as they are, market participants are starting to feel as if the easing cycle might have come to an end. Odds of a rate cut in next RBA April meeting are very low at the moment. AUD/USD trades last at 1.0403.
Immediate resistance to the upside for AUD/USD shows at mentioned NY weekly highs 1.0410, followed by Friday's highs at 1.0415, and Feb 05 highs at 1.0458. To the downside, nearest term support lies at recent session lows 1.0384, followed by Friday's lows at 1.0360, and yesterday's weekly lows at 1.0340.