14 Jul 2015
AUD/USD: Bears in control, trend lows eyed
FXStreet (Bali) - AUD/USD keeps pressing lower, now breaking below 0.74 ahead of the Tokyo open, printing its lowest level for the day at 0.7390.
No sympathy for the Aussie despite Agreekment
The Australian Dollar has been the most notorious under-performer in recent weeks, losing value even against its neighboring currency the Kiwi, which happens to be in the midst of what is priced in to be an aggressive easing cycle for the months ahead. The steep declines in the Aussie, therefore, also suggest that the market remains adamant to discard further rate cuts by the RBA, even if last week's employment data showed some solid print.
AUD/USD: Watch NAB business confidence amid bearish techs
The Aussie Dollar should remain offered as long as bulls don't reclaim the 0.7420 handle on an hourly basis (most immediate point of control). On the downside, 0.7382/85 is the next target (lowest on Monday) ahead of 0.7370 (trend low and S1 daily). Coming up we have the Australia Jun NAB business survey, released at 1.30GMT. As Westpac notes: "Both conditions and confidence jumped up to 7 in May following the budget and RBA rate cut and we will watch to see if the weakness in AIG Jun PMI shows through."
No sympathy for the Aussie despite Agreekment
The Australian Dollar has been the most notorious under-performer in recent weeks, losing value even against its neighboring currency the Kiwi, which happens to be in the midst of what is priced in to be an aggressive easing cycle for the months ahead. The steep declines in the Aussie, therefore, also suggest that the market remains adamant to discard further rate cuts by the RBA, even if last week's employment data showed some solid print.
AUD/USD: Watch NAB business confidence amid bearish techs
The Aussie Dollar should remain offered as long as bulls don't reclaim the 0.7420 handle on an hourly basis (most immediate point of control). On the downside, 0.7382/85 is the next target (lowest on Monday) ahead of 0.7370 (trend low and S1 daily). Coming up we have the Australia Jun NAB business survey, released at 1.30GMT. As Westpac notes: "Both conditions and confidence jumped up to 7 in May following the budget and RBA rate cut and we will watch to see if the weakness in AIG Jun PMI shows through."