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11 May 2015
AUD/USD: Better offered trading down through 0.79 handle
FXStreet (Guatemala) - AUD/USD is currently on the offer and trading at 0.7895 with high of 0.7934 and a low of 0.7892.
National Australia Bank's Business Conditions and Confidence numbers were released for April and these numbers are key as the RBA’s focus is centered on risks arising from the outlook for domestic business investment, as well as China’s growth outlook, as recently explained by Eric Theoret, CFA, CMT Chief Currency Strategist at Scotiabank. The data came in with the conditions down to 4 in April from previous 6, while confidence remained unchanged at 3.
The Aussie continues to bump along with a bearish bias post the RBA's bearish outlook offered in their recent statement while they continue on guarding their intentions on interest rates. The Central Bank sight inflation as seen 2.5 pct at end 2015, 1.75-2.75 pct for end 2016 and mid 2017 while they expect wage growth to stay contained, but not to fall below inflation.
Technically, a close above 0.8068 would initiate a deeper recovery to the 0.8247/38.2% retracement of the move down from September 2014 and the 0.8295 2015 peak, as suggested by Karen Jones, chief analyst at Commerzbank. To the downside, AUD's key supports come as 100 day MA 0.7861 in the first instance ahead of 0.7790.
National Australia Bank's Business Conditions and Confidence numbers were released for April and these numbers are key as the RBA’s focus is centered on risks arising from the outlook for domestic business investment, as well as China’s growth outlook, as recently explained by Eric Theoret, CFA, CMT Chief Currency Strategist at Scotiabank. The data came in with the conditions down to 4 in April from previous 6, while confidence remained unchanged at 3.
The Aussie continues to bump along with a bearish bias post the RBA's bearish outlook offered in their recent statement while they continue on guarding their intentions on interest rates. The Central Bank sight inflation as seen 2.5 pct at end 2015, 1.75-2.75 pct for end 2016 and mid 2017 while they expect wage growth to stay contained, but not to fall below inflation.
Technically, a close above 0.8068 would initiate a deeper recovery to the 0.8247/38.2% retracement of the move down from September 2014 and the 0.8295 2015 peak, as suggested by Karen Jones, chief analyst at Commerzbank. To the downside, AUD's key supports come as 100 day MA 0.7861 in the first instance ahead of 0.7790.