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20 May 2015
AUD/USD trading at critical level ahead of Lowe
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7917 with a high of 0.7922 and a low of 0.7912.
AUD/USD is awaiting Lowe speaking who was dovish earlier in the week, and when accompanied with the recent RBA minutes, the market was in sell mode and has been since, with the greenback taking the benefit from not only the uncertainty around the RBA, the Aussie economy and commodity swings, but the euro sell off as well overnight.
The Euro moved over 1.5% on ECB member Benoit Coeure, when he pre-told a London group of bankers and hedge-fund managers that the Central Bank will front load its asset-buying program before a summer lull. When this finally hit the market the Euro collapsed and dragged most majors vs the greenback to the downside along with it as flows fled to safety.
The near term uptrend in the Aussie came from 0.7945, and below here we are in bearish territory. A close below would confirm that the upside pressure has been alleviated. We are at critical levels just ahead of this speech, and the outcome could be a decisive factor ahead of further data impacts later this week from the US, crucially with the FOMC minutes coming up. To the downside, the 0.7790/.7785 zone is compelling while the upside has 0.8027 as a key resistance.
AUD/USD is awaiting Lowe speaking who was dovish earlier in the week, and when accompanied with the recent RBA minutes, the market was in sell mode and has been since, with the greenback taking the benefit from not only the uncertainty around the RBA, the Aussie economy and commodity swings, but the euro sell off as well overnight.
The Euro moved over 1.5% on ECB member Benoit Coeure, when he pre-told a London group of bankers and hedge-fund managers that the Central Bank will front load its asset-buying program before a summer lull. When this finally hit the market the Euro collapsed and dragged most majors vs the greenback to the downside along with it as flows fled to safety.
The near term uptrend in the Aussie came from 0.7945, and below here we are in bearish territory. A close below would confirm that the upside pressure has been alleviated. We are at critical levels just ahead of this speech, and the outcome could be a decisive factor ahead of further data impacts later this week from the US, crucially with the FOMC minutes coming up. To the downside, the 0.7790/.7785 zone is compelling while the upside has 0.8027 as a key resistance.