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11 Mar 2015
AUD/USD bears stampeding over the bulls, enroute to RBA's tgt
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7579 with a high of 0.7646 and a low of 0.7559.
AUD/USD continues along the bearish theme and in this market, it's almost a simple one way bet with the greenback storming along across the board while the structural issues in the global economy play havoc on the riskier plays, such as the Aussie. Commodity prices, data all in all and the RBA's requirement for a lower currency to float between 0.70 and 0.7500 offer the bears the green light to continue treading the bulls hooves without much of a rest bite in sight while the divergence between the RBA and Fed remain compelling enough.
The data of late has been poor in the consumer confidence sector as well as the business climate. However, the key numbers will be revealed in the labour market tonight. There has been some unreliance in this data over the past several months, yet, nevertheless it offers an indication to markets of the performance of the economy and comes as a key component in the RBA's interest rate decision making process. Technically, bears would be looking for below the two year down channel at 0.7528 and then in the medium term, 0.7183 comes as the 61.8% retracement of the move up 2001.
from 2001.
AUD/USD continues along the bearish theme and in this market, it's almost a simple one way bet with the greenback storming along across the board while the structural issues in the global economy play havoc on the riskier plays, such as the Aussie. Commodity prices, data all in all and the RBA's requirement for a lower currency to float between 0.70 and 0.7500 offer the bears the green light to continue treading the bulls hooves without much of a rest bite in sight while the divergence between the RBA and Fed remain compelling enough.
The data of late has been poor in the consumer confidence sector as well as the business climate. However, the key numbers will be revealed in the labour market tonight. There has been some unreliance in this data over the past several months, yet, nevertheless it offers an indication to markets of the performance of the economy and comes as a key component in the RBA's interest rate decision making process. Technically, bears would be looking for below the two year down channel at 0.7528 and then in the medium term, 0.7183 comes as the 61.8% retracement of the move up 2001.
from 2001.