Forex: AUD/USD choppiness following RBA cut to record lows
FXstreet.com (Barcelona) - As broadly expected, the RBA just cut rates to record low 3% from 3.25% previous, just as it was during 2009. AUDUSD has been very choppy since the call announcement, first going to session lows at 1.0397, for then jumping to fresh weekly highs at 1.0460, currently retracing to current 1.0448.
"The statement reads quite 'neutrally' to me so I'm not sure what the market is reading into that. I'll be happy to sell into this rally, especially if AUDJPY gets back near 86.10/20," says FXWW founder Sean Lee. Warren Hogan, ANZ's Chief Economist, also has his take: "RBA cuts rate 25bp signals wait and see approach. More cuts in '13 depends on non-mining economy picking up as mining peaks in 2nd half," the analyst says.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, resistance levels to watch are located at 1.0480 and 1.0510, while support levels are seen at 1.0400, 1.0370 and 1.0330.
"The statement reads quite 'neutrally' to me so I'm not sure what the market is reading into that. I'll be happy to sell into this rally, especially if AUDJPY gets back near 86.10/20," says FXWW founder Sean Lee. Warren Hogan, ANZ's Chief Economist, also has his take: "RBA cuts rate 25bp signals wait and see approach. More cuts in '13 depends on non-mining economy picking up as mining peaks in 2nd half," the analyst says.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, resistance levels to watch are located at 1.0480 and 1.0510, while support levels are seen at 1.0400, 1.0370 and 1.0330.
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