27 Jan 2015
AUD/USD defends mild gains, trades at 5-DMA
FXStreet (Mumbai) - AUD/USD held on to gains in the early European morning, despite muted Oz business outlook data which bolstered the case for Reserve Bank of Australia (RBA) cut interest rates this year.
Currently, the AUD/USD posts fresh daily highs at 0.7934 levels, up 0.10% on the day, having previously clocked day’s high at 0.7948 levels. The Aussie pair defended mild gains; however the downtrend still remains intact as markets eagerly await the latest CPI data from Australia for release tomorrow. If the inflation print comes below the RBA's 2-3% target range as expected, it may add to signs of weaker economic activity and fuel speculation that the RBA may slash interest rates year.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7960 levels, above which gains could be extended to 0.8000 levels. On the flip side, support is seen at 0.7906 from here it to 0.7872 levels.
Currently, the AUD/USD posts fresh daily highs at 0.7934 levels, up 0.10% on the day, having previously clocked day’s high at 0.7948 levels. The Aussie pair defended mild gains; however the downtrend still remains intact as markets eagerly await the latest CPI data from Australia for release tomorrow. If the inflation print comes below the RBA's 2-3% target range as expected, it may add to signs of weaker economic activity and fuel speculation that the RBA may slash interest rates year.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7960 levels, above which gains could be extended to 0.8000 levels. On the flip side, support is seen at 0.7906 from here it to 0.7872 levels.