Forex: AUD/USD comfortable around 1.04; RBA eyed
Forex pairs in this Article »
AUD/USD
FXstreet.com (San Francisco) - AUDUSD opened on Tuesday at levels back above 1.0400 after advancing 0.7% overnight and recovering most of the ground lost last week, but has operated within a tight range between 1.0395 and 1.0410 so far in early Asia.
"In the 4 hours chart, a strong upward momentum remains intact, supporting more gains ahead, with 1.0450 now at sight," comments Valeria Bednarik, Chief Analyst at FXstreet.com. "If local share markets follow their overseas counterparts, the pair may even attempt to extend its rally near 1.0500 before finding sellers today."
On the fundamental front, the minutes from last RBA meeting will be released today and Governor Glenn Stevens will be giving a speech at 07:00 GMT, which will be closely examined for any clues of a potential rate cut before year-end.
AUDUSD currently stands at 1.0405. "There are trailing stops waiting above 1.0470 and 1.0480 which may well come into focus depending on what the RBA has to say," says Sean Lee, founder of FXWW. The downside offers support at 1.0390, 1.0365 and 1.0330, according to Ms. Bednarik.
"In the 4 hours chart, a strong upward momentum remains intact, supporting more gains ahead, with 1.0450 now at sight," comments Valeria Bednarik, Chief Analyst at FXstreet.com. "If local share markets follow their overseas counterparts, the pair may even attempt to extend its rally near 1.0500 before finding sellers today."
On the fundamental front, the minutes from last RBA meeting will be released today and Governor Glenn Stevens will be giving a speech at 07:00 GMT, which will be closely examined for any clues of a potential rate cut before year-end.
AUDUSD currently stands at 1.0405. "There are trailing stops waiting above 1.0470 and 1.0480 which may well come into focus depending on what the RBA has to say," says Sean Lee, founder of FXWW. The downside offers support at 1.0390, 1.0365 and 1.0330, according to Ms. Bednarik.
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