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AUD/USD: awaits RBA minutes for next impetus

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD is currently trading at 0.7253 with a high of 0.7307 and a low of 0.7238.

    AUD/USD is consolidated in the US session after a two way run overnight with the release of the GDP data. Chinese GDP for Q3 data arrived as 6.9% Y/Y beating expectations of 6.8%, but comes below the previous of 7% Y/Y and as the lowest level since the start of the financial crisis.

    This has left the major commodity currency looking else-where for a direction strength, and tonight in the Asian session the RBA minutes could be a catalyst for the next move. The minutes could offer some insight into the RBA's current thinking in respect of the speculation that the RBA's hand will be forced to cut rates by early November meeting.

    AUD/USD levels

    Technically, the upside targets the 0.7385 Fib retracement level on the way to 0.7402 2014-2015 downtrend and August highs of and the 0.7439 August high. On the flip side, 0.7227 is first support and a break of the 0.72 handle puts the 55 DMA under pressure at 0.7179 ahead of 0.7146 and the 20 DMA. The October lows are then revealed and the start of the short-term recovery from 0.7000.
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