3 Dec 2013
AUD/USD sellers monetize range play ahead of RBA
FXstreet.com (Bali) - AUD/USD saw a brief drive through 0.9130/35 offers on a positive Australian retail sales (+0.5% vs 0.4%), however, bears managed, yet again, to successfully step in.
AUD/USD, since the topside rejection of an intraday 0.9060-0.9135 range, has been under pressure falling as low as 0.9082 ahead of the RBA monetary policy meeting at 3.30 GMT, in which expectations for a rate cut are almost non-existent.
According to Sean Lee, Founder at FXWW: "I think AUD longs might be a bit worried heading into the RBA. The reaction at 0.9130 post retail sales suggests that the market is keen to sell. If the RBA is in any way bearish, watch out for stops below 0.9050."
AUD/USD, since the topside rejection of an intraday 0.9060-0.9135 range, has been under pressure falling as low as 0.9082 ahead of the RBA monetary policy meeting at 3.30 GMT, in which expectations for a rate cut are almost non-existent.
According to Sean Lee, Founder at FXWW: "I think AUD longs might be a bit worried heading into the RBA. The reaction at 0.9130 post retail sales suggests that the market is keen to sell. If the RBA is in any way bearish, watch out for stops below 0.9050."