AUD/USD (current price: 0.7627) The Reserve Bank of Australia left its benchmark rate unchanged at 1.50% yesterday, and that might mean that the recent rate cut cycle is over, although the weakness in Asian economies still weighs heavily on the currencies in the region. The Australian Dollar rocketed higher following the releases of the more hawkish than expected statement, but the continued decline in oil weighed on the commodity currency throughout the day, despite the rally in precious metals, causing a correction towards the end of the session and today in early trading as well.
Our assessment: The pair still trades in a long-term uptrend but the strong resistance zone near 0.77 stopped the rally in the Aussie once again with the rising 200-day MA getting closer and closer, currently being found near 0.75.


Source: Forex News
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