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4 Mar 2015
AUD/USD: Dipped below 0.78 and found buyers on GDP
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7825 with a high of 0.7827 and a low of 0.7795 so far post the Aussie GDP results.
AUD/USD has been offered in the main overnight post the RBA's hold until needed stance yesterday while markets faded the rally with anticipation of a cut coming at some point as only a matter of time. The downside is still in play on the release of the GDP results that came in line with expectations for both QonQ and YonY, when the pair dipped below 0.78 only to find support at the low. Nest up, China Services HSBC services.
Technically, the pair remains bearish below the 0.7907 downtrend with continued supply stacking up on fades. The late Feb lows at 0.7597 are in view post a break of 0.7740 near support. Below there we have air until the 50% retracement of the move from the 14 year ago 2001 levels at 0.7334. Should the bulls get a hold of things, technically, this years Jan 7th lows at 0.8034 are of interest which guards the space to the upside and a convincing correction.
AUD/USD has been offered in the main overnight post the RBA's hold until needed stance yesterday while markets faded the rally with anticipation of a cut coming at some point as only a matter of time. The downside is still in play on the release of the GDP results that came in line with expectations for both QonQ and YonY, when the pair dipped below 0.78 only to find support at the low. Nest up, China Services HSBC services.
Technically, the pair remains bearish below the 0.7907 downtrend with continued supply stacking up on fades. The late Feb lows at 0.7597 are in view post a break of 0.7740 near support. Below there we have air until the 50% retracement of the move from the 14 year ago 2001 levels at 0.7334. Should the bulls get a hold of things, technically, this years Jan 7th lows at 0.8034 are of interest which guards the space to the upside and a convincing correction.