AUD/USD off lows, regains 0.7080

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Aussie dollar is sharply lower vs. the greenback on Tuesday, dragging AUD/USD to the area of session lows around 0.7070/60.

    AUD/USD weaker post-RBA

    AUD has found its downside renewed following a measured statement by the RBA at its meeting earlier in the Asian session, where it left unchanged the refi rate at 2% albeit it gave no clues regarding the bank’s views on GDP and inflation.

    The RBA has also left the door open for further easing in case it was necessary. Regarding the currency, it argued “The exchange rate has continued its adjustment to the evolving economic outlook”.

    Next of relevance for the pair will be the API’s weekly report on crude oil stocks, while Building Permits and Trade Balance figures will take centre stage in Oz early on Wednesday.

    AUD/USD relevant levels

    As of writing the pair is down 0.42% at 0.7077 and a breach of 0.6916 (low Jan.26) would aim for 0.6873 (low Jan.21) and finally 0.6825 (low Jan.20). On the other hand, the next hurdle aligns at 0.7143 (high Jan.29.) followed by 0.7332 (high Dec.31) and then 0.7331 (200-day sma).
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