11 Mar 2015
AUD/USD: Drifting on the bid on bullish RBA's Kent
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7632 with a high of 0.7636 and a low of 0.7624.
AUD/USD is starting to move against the grain with RBA Assistant Governor (Economic) Christopher Kent speaking in Hobart, who supports the RBA's current policy which will continue to support the economy. Key though is that he mentions that the new lower value of the Aussie is beginning to help the economy to adjust. Headlines continue to come in so keeping an eye on the price. Up later, we have Westpac Consumer Confidence, and if the business sector is anything to go by, as of yesterday's disappointments, then it might be expected to be low also, although a different sector there maybe some synergy.
Technically, the tone remains bearish overall and recent chatter came from insider chatter that the RBA wish the price of the Aussie to the dollar down between at least 0.75-0.7000 desired level. The key level of Feb lows was taken out at 0.7627, albeit tentatively, while trading above here again, the next stop to the downside comes at the figure while below there we have we have very little support apart from the base of the 2 year down channel at 0.7528 head of 0.7335 which is 50% retracement of the move up from 2001.
AUD/USD is starting to move against the grain with RBA Assistant Governor (Economic) Christopher Kent speaking in Hobart, who supports the RBA's current policy which will continue to support the economy. Key though is that he mentions that the new lower value of the Aussie is beginning to help the economy to adjust. Headlines continue to come in so keeping an eye on the price. Up later, we have Westpac Consumer Confidence, and if the business sector is anything to go by, as of yesterday's disappointments, then it might be expected to be low also, although a different sector there maybe some synergy.
Technically, the tone remains bearish overall and recent chatter came from insider chatter that the RBA wish the price of the Aussie to the dollar down between at least 0.75-0.7000 desired level. The key level of Feb lows was taken out at 0.7627, albeit tentatively, while trading above here again, the next stop to the downside comes at the figure while below there we have we have very little support apart from the base of the 2 year down channel at 0.7528 head of 0.7335 which is 50% retracement of the move up from 2001.