18 May 2015
AUD/USD tests support area
FXStreet (Córdoba) - AUD/USD is extending losses into a third day on Monday after being rejected from 4-month highs at the 0.8162 area last week.
Despite broad USD weakness, the Aussie failed to sustain gains and dropped back below the 0.8000 mark. AUD/USD bottomed out at 0.7985 but the 200-hour SMA offered support, confining the pair to a narrow range over the last hours.
AUD/USD technical levels
At time of writing, the pair is trading at 0.7993, recording a 0.51% loss on the day, with immediate supports seen at 0.7985 (daily low/200-hour SMA), 0.7948 (May 13 low) and 0.7908 (21-day SMA). On the flip side, resistances could be found at 0.8051 (daily high), 0.8088 (May 15 high) and 0.8123 (May 3 high).
Dovish RBA Lowe weighs
Comments from RBA Lowe saying Australia still has room for lower interest rates, weighed on the currency. On Tuesday, the RBA will release the minutes of the May 5 meeting when it decided to cut interest rate by 25 bps to 2.00%.
Despite broad USD weakness, the Aussie failed to sustain gains and dropped back below the 0.8000 mark. AUD/USD bottomed out at 0.7985 but the 200-hour SMA offered support, confining the pair to a narrow range over the last hours.
AUD/USD technical levels
At time of writing, the pair is trading at 0.7993, recording a 0.51% loss on the day, with immediate supports seen at 0.7985 (daily low/200-hour SMA), 0.7948 (May 13 low) and 0.7908 (21-day SMA). On the flip side, resistances could be found at 0.8051 (daily high), 0.8088 (May 15 high) and 0.8123 (May 3 high).
Dovish RBA Lowe weighs
Comments from RBA Lowe saying Australia still has room for lower interest rates, weighed on the currency. On Tuesday, the RBA will release the minutes of the May 5 meeting when it decided to cut interest rate by 25 bps to 2.00%.