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3 Apr 2013
Forex: AUD/USD back to pre-RBA levels above 1.0450
FXstreet.com (Barcelona) - AUD/USD is last at 1.0453, off recent session lows at 1.0440, and retracing from yesterday's weekly highs at 1.0480 following RBA keeping interest rates on hold. The pair is up +0.28% since previous Asia-Pacific open yesterday and about the same for the week, being third strongest currency among majors behind Yen and Kiwi. Key risk event for Aussie will come at 00:30 GMT in the form of Aus trade balance.
“The AUD/USD traded up to 1.0480 yesterday after the RBA statement was greeted as being slightly more neutral than expected, but this is really splitting hairs,” noted FXWW founder Sean Lee, adding: “The easing bias remains and AUD/USD has slipped back to the pre-RBA level near 1.0440. The 1.0350/1.0500 short-term trading range is still very much intact,” the analyst concludes.
Immediate support to the downside for AUD/USD lies at recent session lows 1.0440, followed by Friday's highs 1.0428, and March 22 lows at 1.0420. To the upside, closest resistance shows at Thursday's highs 1.0457, followed by yesterday's weekly/March 24 highs at 1.0480, and March 26 highs at 1.0500.
“The AUD/USD traded up to 1.0480 yesterday after the RBA statement was greeted as being slightly more neutral than expected, but this is really splitting hairs,” noted FXWW founder Sean Lee, adding: “The easing bias remains and AUD/USD has slipped back to the pre-RBA level near 1.0440. The 1.0350/1.0500 short-term trading range is still very much intact,” the analyst concludes.
Immediate support to the downside for AUD/USD lies at recent session lows 1.0440, followed by Friday's highs 1.0428, and March 22 lows at 1.0420. To the upside, closest resistance shows at Thursday's highs 1.0457, followed by yesterday's weekly/March 24 highs at 1.0480, and March 26 highs at 1.0500.