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21 Apr 2015
AUD/USD offering two way business
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7717 with a high of 0.7755 and a low of 0.7681.
AUD/USD is offering good two way business post yesterdays minutes from the RBA but the unit lacks direction. It is being driven by sentiment for the greenback which is changing on a day to day basis while the Aussie is being jawboned by Stevens. Analysts at TD Securities explained that the RBA minutes were more about why the central bank did not cut in April because policymakers saw "advantages in receiving more data, including inflation". "We remain with May timing for another -25bp cut and look for the trimmed mean inflation to print below consensus at 0.5% q/q."
Technically, AUD/USD had dived back below the 55 day ma and the 2014-2015 resistance line should now act as support .7737/42, as noted by Karen Jones, chief analyst at Commerzbank who said this calls the break higher into question.
"We note that the intraday Elliott wave counts are more positive and provided dips are contained today by .7675/65, we would allow for further upside probes for this week."
AUD/USD is offering good two way business post yesterdays minutes from the RBA but the unit lacks direction. It is being driven by sentiment for the greenback which is changing on a day to day basis while the Aussie is being jawboned by Stevens. Analysts at TD Securities explained that the RBA minutes were more about why the central bank did not cut in April because policymakers saw "advantages in receiving more data, including inflation". "We remain with May timing for another -25bp cut and look for the trimmed mean inflation to print below consensus at 0.5% q/q."
Technically, AUD/USD had dived back below the 55 day ma and the 2014-2015 resistance line should now act as support .7737/42, as noted by Karen Jones, chief analyst at Commerzbank who said this calls the break higher into question.
"We note that the intraday Elliott wave counts are more positive and provided dips are contained today by .7675/65, we would allow for further upside probes for this week."