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AUD/USD hovers above 0.7100, RBA eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The Australian dollar entered a consolidation phase over the last hours following a positive response to Chinese data, as investors await the RBA policy decision due next Asian session.

    AUD/USD filed a downward opening gap and rose to a daily high of 0.7153 before finding resistance and settling in a tight range. At time of writing, the pair is trading at 0.7134, virtually unchanged on the day.

    The Reserve Bank of Australia will announce its monetary policy decision at 03:30 GMT on Tuesday, with most analysts anticipating rates will remain on hold at 2.0%.

    AUD/USD levels to watch

    In terms of technical levels, next supports for AUD/USD are seen at 0.7065 (Oct 6 & 30 low), 0.7042 (Oct 5 low) and then the 0.7000 area (psychological level/Oct 1 & 2 lows) . On the other hand, resistances could be faced at 0.7147(Oct 30 high), 0.7206 (Oct 28 high) and 0.7295 (Oct 23 high).
    For more information, read our latest forex news.
     

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