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AUD/USD little changed on RBA minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - AUD/USD was little changed on the release of the RBA minutes, but has moved up by 10 pips on the session on a neutral stance. The price is supported at the 100 SMA at 0.7236 and eyes the 200 SMA at 0.7265 on a solid minor recovery from below 0.7160.

    Oil rebounded overnight supporting the Aussie in a volatile session after prices fell below USD36/bbl in WTI while base and precious metal prices were mixed after the positive Chinese data from the weekend. Gold on the other hand is weakening to 1060.77 lows ahead of the FOMC this week which may keep a lid on a sustained recovery in the Australian dollar.

    In respect of the minutes, the RBA explained that the CPI outlook may afford scope for further easing while the Aussie dollar is boosting demand for domestic business. The Central Bank were saying that the data has been generally positive when holding rates at 2% and that output growth to strengthen gradually over next two years. House prices were also released and inline m/m 2% while 10/7% y/y higher than expected. Analysts at ANZ explained that today, the MYEFO will be released, however, for the AUD the focus is sharpening on the Fed decision later this week.

    AUD/USD levels

    Technically, the pair has R! at 0.7311, R2 at 0.7330 and R3 at 0.7348. There are the 100 SMA and 200 SMA on the downside as support regions 0.7210 and 0.7186 respectively.

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