20 Aug 2013
AUD/USD tumbles over on dismal RBA minutes
FXstreet.com (Athens) - AUD/USD is trading at 0.9051, down 0.62%, for a second consecutive day of the week, on disappointing RBA minutes.
The Aussie suffered on the RBA’s minutes decidedly dovish tone and ended yesterday down 0.8% against the greenback at 0.9108. It has fallen 12.33 percent versus the U.S. dollar so far this year. Furthermore, the ‘Aussie’ came under pressure overnight as the RBA’s minutes had a decidedly dovish tone to them and already this morning was testing its overnight lows around 0.9040. ‘Aussie’ bulls were let down yesterday as Fed minutes released. To elaborate on, RBA seems to have poured cold water on any prospect of a return to anywhere near the highs a couple of months ago. They were quiet clear in saying that the exchange rate will play an important part in their policy decisions going forward and so traders have taken that as a signal that they favor a lower currency. On the other hand, regarding the ‘greenback’, traders might probably see another day of quietness, on the economic data front, as even the release of the Chicago Fed National Activity is not expected to jolt markets. The dollar will remain in focus however as we near the release of the FOMC Minutes tomorrow.
AUD/USD key levels
AUD/USD is currently trading at 0.9054, down 0.58%, having made a daily high at 0.9131. The Danske Research Team suggest ‘traders should place buy limit orders at 0 .9047 for objective 0.9221, with the stop being placed at 0 .8996’. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 0.9030, 0.9008, 0.8994, and resistance at 0.9215, 0.9228 0.9257, respectively.
The Aussie suffered on the RBA’s minutes decidedly dovish tone and ended yesterday down 0.8% against the greenback at 0.9108. It has fallen 12.33 percent versus the U.S. dollar so far this year. Furthermore, the ‘Aussie’ came under pressure overnight as the RBA’s minutes had a decidedly dovish tone to them and already this morning was testing its overnight lows around 0.9040. ‘Aussie’ bulls were let down yesterday as Fed minutes released. To elaborate on, RBA seems to have poured cold water on any prospect of a return to anywhere near the highs a couple of months ago. They were quiet clear in saying that the exchange rate will play an important part in their policy decisions going forward and so traders have taken that as a signal that they favor a lower currency. On the other hand, regarding the ‘greenback’, traders might probably see another day of quietness, on the economic data front, as even the release of the Chicago Fed National Activity is not expected to jolt markets. The dollar will remain in focus however as we near the release of the FOMC Minutes tomorrow.
AUD/USD key levels
AUD/USD is currently trading at 0.9054, down 0.58%, having made a daily high at 0.9131. The Danske Research Team suggest ‘traders should place buy limit orders at 0 .9047 for objective 0.9221, with the stop being placed at 0 .8996’. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 0.9030, 0.9008, 0.8994, and resistance at 0.9215, 0.9228 0.9257, respectively.