29 Jan 2015
AUD/USD clinches 0.7750
FXStreet (Edinburgh) - The bearishness around the Aussie dollar has intensified as of late, with AUD/USD navigating the mid-0.7700s after bottoming out near 0.7710.
AUD/USD drops to multi-year lows
The likeliness of another rate cut by the RBA in its next meeting (Tuesday) keeps weighing on AUD, quickly leaving behind yesterday’s bull run beyond the 0.8000 handle vs. the US dollar and confining spot to levels last seen in July 2009. Only second-tier releases are due tomorrow in Oz with Private Sector Credit and Producer Prices, leaving the price action to the mercy of the risk appetite trends and the USD dynamics.
“Our 3 month range extends as far as 0.7500 but with >50bp total easing already priced, we are reluctant to call it lower than that”, suggested Sean Callow, Strategist at Westpac.
AUD/USD key levels
At the moment the pair is retreating 1.87% at 0.7754 with the next support at 0.7720 (low Jan.29) followed by 0.7700 (monthly low Jul.2009) and then 0.7600 (psychological level). On the other hand, a break above 0.7799 (hourly high Jan.29) would aim for 0.7833 (hourly high Jan.29) and finally 0.7884 (hourly high Jan.29).
AUD/USD drops to multi-year lows
The likeliness of another rate cut by the RBA in its next meeting (Tuesday) keeps weighing on AUD, quickly leaving behind yesterday’s bull run beyond the 0.8000 handle vs. the US dollar and confining spot to levels last seen in July 2009. Only second-tier releases are due tomorrow in Oz with Private Sector Credit and Producer Prices, leaving the price action to the mercy of the risk appetite trends and the USD dynamics.
“Our 3 month range extends as far as 0.7500 but with >50bp total easing already priced, we are reluctant to call it lower than that”, suggested Sean Callow, Strategist at Westpac.
AUD/USD key levels
At the moment the pair is retreating 1.87% at 0.7754 with the next support at 0.7720 (low Jan.29) followed by 0.7700 (monthly low Jul.2009) and then 0.7600 (psychological level). On the other hand, a break above 0.7799 (hourly high Jan.29) would aim for 0.7833 (hourly high Jan.29) and finally 0.7884 (hourly high Jan.29).