26 Jan 2015
AUD/USD capped by 0.7940
FXStreet (Edinburgh) - The Aussie dollar keeps recovering ground albeit at a snail-pace on Monday, with AUD/USD hovering over 0.7935/30 so far.
AUD/USD attention on data
The risk-on trade is favouring the high-beta currencies today, allowing a decent rebound in AUD to the area of 0.7930/40, up from fresh highs in the vicinity of 0.7860 in early trade. Ahead in the week, Business Conditions tracked by NAB for the month of December are due tomorrow preceding the more significant inflation figures gauged by the CPI on Wednesday.
The CPI prints will be closely monitored by market participants, with consensus expecting consumer prices to have gained 1.8% on a yearly basis, down from the 2.1% previous. The inflation figures have grown in importance as of late, against the backdrop of mounting rumours regarding the possibility of the RBA to cut rates in its next meeting.
AUD/USD key levels
As of writing the pair is up 0.11% at 0.7928 with the next hurdle at 0.8020 (38.2% of 0.8295-0.7850) followed by 0.8056 (high Jan.23) and then 0.8073 (Tenkan Sen). On the flip side, a breakdown of 0.7850 (hourly low Jan.26) would expose 0.7814 (low Jul.14 2009) and finally 0.7700 (psychological level).
AUD/USD attention on data
The risk-on trade is favouring the high-beta currencies today, allowing a decent rebound in AUD to the area of 0.7930/40, up from fresh highs in the vicinity of 0.7860 in early trade. Ahead in the week, Business Conditions tracked by NAB for the month of December are due tomorrow preceding the more significant inflation figures gauged by the CPI on Wednesday.
The CPI prints will be closely monitored by market participants, with consensus expecting consumer prices to have gained 1.8% on a yearly basis, down from the 2.1% previous. The inflation figures have grown in importance as of late, against the backdrop of mounting rumours regarding the possibility of the RBA to cut rates in its next meeting.
AUD/USD key levels
As of writing the pair is up 0.11% at 0.7928 with the next hurdle at 0.8020 (38.2% of 0.8295-0.7850) followed by 0.8056 (high Jan.23) and then 0.8073 (Tenkan Sen). On the flip side, a breakdown of 0.7850 (hourly low Jan.26) would expose 0.7814 (low Jul.14 2009) and finally 0.7700 (psychological level).