Forex: AUD/USD consolidates below 1.0200
Forex pairs in this Article »
AUD/USD
FXstreet.com (Barcelona) - The demand for the Aussie dollar continues to be subdued, intensifying the downside and penetrating September's lows below 1.0200
Recall that the RBA has cut the lending benchmark 25 bps to 3.25% last week on tepid outlook for the domestic economy. D.Song, Currency Analyst at DailyFX, comments "Governor G.Stevens may continue to embark on the easing cycle throughout the ramainder of the year as the central bank scales back its forecast for grow". And he adds "As the AUDUSD maintains the downward trend carried over from 2011, we will preserve our bearish forecast for the exchange rate, and the pair may continue to give back the rebound from the year low (0.9580)& ".
The cross is now advacing 0.11% at 1.0168 with the next resistance at 1.0215 (hourly high/low Oct.5) ahead of 1.0240 (hourly lows Oct.5) then 1.0275 (high Oct.4-5) and 1.0325 (low Oct.1).
On the downside, a breach of 1.0155 (low Oct.5) would bring 1.0123 (low Jul.13) then 1.0103 (50% of 0.9581-1.0625) and 1.0100 (low Jul.12).
Recall that the RBA has cut the lending benchmark 25 bps to 3.25% last week on tepid outlook for the domestic economy. D.Song, Currency Analyst at DailyFX, comments "Governor G.Stevens may continue to embark on the easing cycle throughout the ramainder of the year as the central bank scales back its forecast for grow". And he adds "As the AUDUSD maintains the downward trend carried over from 2011, we will preserve our bearish forecast for the exchange rate, and the pair may continue to give back the rebound from the year low (0.9580)& ".
The cross is now advacing 0.11% at 1.0168 with the next resistance at 1.0215 (hourly high/low Oct.5) ahead of 1.0240 (hourly lows Oct.5) then 1.0275 (high Oct.4-5) and 1.0325 (low Oct.1).
On the downside, a breach of 1.0155 (low Oct.5) would bring 1.0123 (low Jul.13) then 1.0103 (50% of 0.9581-1.0625) and 1.0100 (low Jul.12).
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