2 Jul 2013
AUD/USD consolidates losses below 0.9200
FXstreet.com (Edinburgh) - The RBA kept its monetary policy unchanged early Tuesday, dragging the AUD/USD through the key support at 0.9200 to test fresh lows around 0.9150.
AUD/USD outlook remains bearish
Broadly in line with market expectations, the RBA left the repo rate intact at 2.75% in today’s monetary policy gathering. In the opinion of Tim Riddell, Head of Global Markets Research at ANZ, “Time to get off the fence and opportunistically buy dips (even if the longer term bias may be to sell into rebounds). A push above 0.9215-25 may be enough to turn the trend though a close above 0.9300 is needed to trigger the anticipated period of corrective rebounds. However, after such an extended slide rebounds are likely to be contained with an initial target of 0.9430-60 and then potentially 0.9670-75”.
AUD/USD support/resistance levels
At the moment the pair is losing 0.79% at 0.9165 with the immediate support at 0.9110 (2013 low Jul.1) while resistance levels are located at 0.9253 (high Jul.1) followed by 0.9262 (MA10d) and then 0.9340 (high Jun.26).
AUD/USD outlook remains bearish
Broadly in line with market expectations, the RBA left the repo rate intact at 2.75% in today’s monetary policy gathering. In the opinion of Tim Riddell, Head of Global Markets Research at ANZ, “Time to get off the fence and opportunistically buy dips (even if the longer term bias may be to sell into rebounds). A push above 0.9215-25 may be enough to turn the trend though a close above 0.9300 is needed to trigger the anticipated period of corrective rebounds. However, after such an extended slide rebounds are likely to be contained with an initial target of 0.9430-60 and then potentially 0.9670-75”.
AUD/USD support/resistance levels
At the moment the pair is losing 0.79% at 0.9165 with the immediate support at 0.9110 (2013 low Jul.1) while resistance levels are located at 0.9253 (high Jul.1) followed by 0.9262 (MA10d) and then 0.9340 (high Jun.26).