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AUD/USD has been drifting lower since the beginning of this year. RBA is determined to maintain cash rate at accommodative levels until further notice while the Fed is hiking, which is keeping the pair from rallying. Each attempt at a bounce has fizzled out at two or so cents. 61.8% retracement of the 2016 - 2018 range is the level to watch on the downside.
al_dcdemo's Blog
AUD up on USD weakness and better risk mood
U.S. dollar continues to be sold for the second day after U.S. labour market report on Friday, the main beneficiary today being the Australian dollar. China does not want to escalate trade wars just yet and that's another supportive factor. AUD/USD is nearing 0.75 level (also 50 DMA) where some resistance is likely.
AUD/USD bought after not-so-dovish RBA
It's been almost two years since RBA last adjusted its cash rate. The rate remains at 1.50% after today's meeting and probably will for some time to come. Their outlook hasn't changed much. They're still expecting wages and inflation to pick up. Main risks being international trade wars, (lack of) domestic household consumption and debt levels. AUD/USD is up about 50 pips since the release, after not-so-dovish message by the bank.
AUD/USD resumes the downtrend
Month-long recovery from 0.7415 to 0.7675 in AUD/USD (almost) proved to be just another pullback in the downtrend, as U.S. dollar buying resumed. A successful break below May's low will put 0.735 into focus. 0.75 - 0.755 should now act as a resistance.
Risk sold ahead of G7 meetings
With G7 meetings later today and tomorrow, we are seeing some profit taking in risk sensitive instruments. GBP/JPY bounced off of 100 WMA near 143.30 and rallied 500 pips, retracing three quarters of the decline in May, before turning lower. AUD/USD is also off a cent after testing 0.77 earlier this week.
AUD/USD practically unmoved by the RBA
Reserve Bank of Australia keeps cash rate at 1.5%. The rate is expected to stay there for some time to come. Rate statement remains upbeat. AUD/USD is down a few pips after the release. The pair is in the process of correcting the gains it scored since Friday. 50 DMA near 0.76 is the initial support.
AUD/USD to the highest since March
AUD/USD advanced overnight on the back of better than expected retail sales and business data. Australian dollar was one of the more resilient currencies over the past month as demand below 0.75 level proved overwhelming. The pair is trading at the highest level since March, eyeing 0.765 resistance.
Australian dollar supported after solid labour market data
Australian dollar has been on of the more resilient currencies of late. Labour market report today and wage price index a day earlier were fairly solid, giving it further support. AUD/USD is back above 0.75 and appears ready to take out last week's high. Not out of the woods yet but the pair could be on the way to 0.765. As always with this pair, much depends on the U.S. dollar and risk sentiment.
AUD/USD pulling back after 150 pip rally
RBA meeting Minutes, released earlier today, did not offer anything new. Monetary policy (and cash rate) are on hold, but, unlike neutral RBNZ recently, RBA agrees that the next move in the rate will likely be up. AUD/USD is pulling back toward 0.75 after 150 pip rally from 12-month lows. 0.745 - 0.75 should now hold, if the rally is to continue, with 0.765 the initial target.
No changes from RBA, holiday trading in European morning
RBA keeps monetary policy stance firmly in neutral mode, with cash rate still at the record low of 1.50%. The U.S. dollar part of equation is currently driving AUD/USD, which made a marginal new low shortly after Europe opened for business. Or for the observance of Labour Day, that is. The holiday is likely to keep price action contained until afternoon.