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19 Mar 2013
Forex: AUD/USD retreats from highs
FXstreet.com (Barcelona) - After hitting session highs beyond the key resistance of 1.0400, the Aussie dollar trimmed those initial gains and is now back to the red territory trading in the vicinity of 1.0380
The RBA released its minutes from the last meeting, although the AUD reaction was muted. “The Minutes added nothing particularly new, again reiterating that with “inflation likely to remain around the middle of the inflation target, members judged that there would be scope to cut the cash rate further to support demand, should that be necessary”, commented Adrian Foster, Analyst at Rabobank.
The cross is now losing 0.19% at 1.0381 with the next support at 1.0365 (MA200d) followed by 1.0332 (hourly low Mar.18) and then 1.0309 (MA10d).
On the upside, a surpass of 1.0401 (Upper Bollinger) would bring 1.0414 (61.8% of 1.0599-1.0110) and finally 1.0425 (daily cloud top).
The RBA released its minutes from the last meeting, although the AUD reaction was muted. “The Minutes added nothing particularly new, again reiterating that with “inflation likely to remain around the middle of the inflation target, members judged that there would be scope to cut the cash rate further to support demand, should that be necessary”, commented Adrian Foster, Analyst at Rabobank.
The cross is now losing 0.19% at 1.0381 with the next support at 1.0365 (MA200d) followed by 1.0332 (hourly low Mar.18) and then 1.0309 (MA10d).
On the upside, a surpass of 1.0401 (Upper Bollinger) would bring 1.0414 (61.8% of 1.0599-1.0110) and finally 1.0425 (daily cloud top).