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3 Mar 2015
AUD/USD extends bounce to 0.7825
FXStreet (San Francisco) - After declining 40 pips from post-RBA highs at 0.7840, the AUD/USD found support at 0.7800 where the pair started a recovery that it's now testing 0.7825.
Currently, AUD/USD is trading at 0.7824, up 0.73% on the day, having posted a daily high at 0.7844 and low at 0.7752. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
AUD/USD sentiment
The AUD/USD is trading bullish on Tuesday as investors welcomed RBA decision to maintain interest rates unchanged. However, as reported previously, Analysts at Capital Economics think that today's RBA decision is "just a pause in a loosening cycle." Thus, the firm affirmed that "Australian rates are still likely to be cut to 1.5% this year." In this scenario, Dales expects the AUD/USD to weaken to 0.7000 in the long term.
As for the short term, if the pair breaks above 0.7825, it will find next resistances at 0.7840 and 0.7900. To the downside, supports are at 0.7800, 0.7775 and 0.7750.
Currently, AUD/USD is trading at 0.7824, up 0.73% on the day, having posted a daily high at 0.7844 and low at 0.7752. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
AUD/USD sentiment
The AUD/USD is trading bullish on Tuesday as investors welcomed RBA decision to maintain interest rates unchanged. However, as reported previously, Analysts at Capital Economics think that today's RBA decision is "just a pause in a loosening cycle." Thus, the firm affirmed that "Australian rates are still likely to be cut to 1.5% this year." In this scenario, Dales expects the AUD/USD to weaken to 0.7000 in the long term.
As for the short term, if the pair breaks above 0.7825, it will find next resistances at 0.7840 and 0.7900. To the downside, supports are at 0.7800, 0.7775 and 0.7750.