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4 Feb 2015
AUD/USD recovers from a rate cut slump
FXStreet (Mumbai) - The AUD/USD pair has recovered most of its losses triggered by the surprise interest rate cut by the Reserve Banks of Australia (RBA) see in the previous session.
Gains capped at 10-DMA
The recovery seen in the AUD/USD pair was halted near the 10-DMA located at 0.7830 levels. Moreover, the Aussie gained in line with other major currencies after the sharp rally in the Crude prices eases concerns of deflation in the advanced economies.
However, Crude prices came under pressure today as concerns of over supply resurfaced. The weakness in Crude was also extended to base metals like Copper, which capped gains in the AUD.
AUD/USD Technical Levels
The pair trades at 0.7809; up 0.22%. The immediate resistance is seen at 0.7845, above which gains could be extended to 0.7973 levels. Meanwhile, support is seen at 0.7785 (5-DMA) and 0.7718 levels.
Gains capped at 10-DMA
The recovery seen in the AUD/USD pair was halted near the 10-DMA located at 0.7830 levels. Moreover, the Aussie gained in line with other major currencies after the sharp rally in the Crude prices eases concerns of deflation in the advanced economies.
However, Crude prices came under pressure today as concerns of over supply resurfaced. The weakness in Crude was also extended to base metals like Copper, which capped gains in the AUD.
AUD/USD Technical Levels
The pair trades at 0.7809; up 0.22%. The immediate resistance is seen at 0.7845, above which gains could be extended to 0.7973 levels. Meanwhile, support is seen at 0.7785 (5-DMA) and 0.7718 levels.