Back
24 Apr 2013
Forex: AUD/USD finds support around 1.0230
FXstreet.com (Barcelona) - Softer than expected consumer prices in the Australian economy sparked a selling wave in the Aussie, dragging the cross to the vicinity of 1.0230 where buying interest lifted the pair back to the current 1.0250 region.
In the view of analyst Adrian Foster at Rabobank, “The continued moderate inflation out-turns keep the door open to an RBA rate cut although, as I see it, the ongoing domestically-driven price pressures mean it’s unlikely to deliver that cut at the May meeting. Rather they’ll continue to monitor investment trends and the transition from mining-led growth to non-mining sector growth as the key dynamic of interest”.
AUD/USD is now losing 0.11% at 1.0249 with the next support at 1.0225 (76.4% 1.0116-1.0583) followed by 1.0221 (low Apr.23) and finally 1.0202 (low Mar.11).
On the upside, a breakout of 1.0272 (high Apr.23) would expose 1.0308 (high Apr.22) and then 1.0358 (high Apr.19).
In the view of analyst Adrian Foster at Rabobank, “The continued moderate inflation out-turns keep the door open to an RBA rate cut although, as I see it, the ongoing domestically-driven price pressures mean it’s unlikely to deliver that cut at the May meeting. Rather they’ll continue to monitor investment trends and the transition from mining-led growth to non-mining sector growth as the key dynamic of interest”.
AUD/USD is now losing 0.11% at 1.0249 with the next support at 1.0225 (76.4% 1.0116-1.0583) followed by 1.0221 (low Apr.23) and finally 1.0202 (low Mar.11).
On the upside, a breakout of 1.0272 (high Apr.23) would expose 1.0308 (high Apr.22) and then 1.0358 (high Apr.19).