18 May 2015
AUD/USD drops to fresh lows ahead of 0.80
FXStreet (Mumbai) - AUD/USD stalled its recovery mode and fell further in to losses, extending its losing streak for the third day in running, as traders continue to evaluate Reserve Bank of Australia’s (RBA) Lowe speech delivered earlier in Asia ahead of tomorrow’s central bank meetings minutes.
AUD/USD tests 0.80 handle
Currently, the AUD/USD pair trades -0.34% lower at 0.8011, hovering close to fresh session lows reached at 0.8005 some minutes ago. AUD/USD dived deeper in red traders digested a speech from RBA Deputy Governor Philip Lowe at a Corporate Finance Forum in Sydney.
The Aussie fell in Asia after RBA’s Lowe said that a lower AUD rate was required to help the Australian economy transition from the post mining and investment led boom. While he also added that there is further scope for lower exchange rate if needed.
Meanwhile, markets now await RBA minutes and US housing data due tomorrow for fresh incentives on the pair amid an almost data empty today’s trading calendar.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8052 (Today’s High) levels, above which gains could be extended to 0.8100 levels. On the flip side, support is seen at 0.7951 (May 13 Low) levels from here it to 0.7900 levels.
AUD/USD tests 0.80 handle
Currently, the AUD/USD pair trades -0.34% lower at 0.8011, hovering close to fresh session lows reached at 0.8005 some minutes ago. AUD/USD dived deeper in red traders digested a speech from RBA Deputy Governor Philip Lowe at a Corporate Finance Forum in Sydney.
The Aussie fell in Asia after RBA’s Lowe said that a lower AUD rate was required to help the Australian economy transition from the post mining and investment led boom. While he also added that there is further scope for lower exchange rate if needed.
Meanwhile, markets now await RBA minutes and US housing data due tomorrow for fresh incentives on the pair amid an almost data empty today’s trading calendar.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8052 (Today’s High) levels, above which gains could be extended to 0.8100 levels. On the flip side, support is seen at 0.7951 (May 13 Low) levels from here it to 0.7900 levels.