20 Jul 2015
AUD/USD: RBA minutes key focus after Gold collapsing
FXStreet (Guatemala) - AUD/USD is currently trading 0.7377 with a high of 0.7420 and a low of 0.7366.
AUD/USD has been a chop since the Asian open with immediate supply when Gold collapsed. We then recovered the downside from the lows of 0.7326 up to 0.7396, back to 0.7345 to a lower high of 0.7389 and in to a sideways drift. Technically, however we remain in a bearish trend below 0.7588 and bears could have their longer term sights on the 2 year channel at 0.7177.
AUD/USD awaits the RBA minutes
We await the RBA minutes tonight in the Asian session where the focus should be on whether the RBA shifts towards more neutral territory, especially noting China's recent improvement in the data front. However, analysts at TD Securities explained that speculation is growing that the RBA will need to ease. "This is not our base case view yet, but pricing in a moderate easing bias looks appropriate especially with little growth impulse from capex."
AUD/USD has been a chop since the Asian open with immediate supply when Gold collapsed. We then recovered the downside from the lows of 0.7326 up to 0.7396, back to 0.7345 to a lower high of 0.7389 and in to a sideways drift. Technically, however we remain in a bearish trend below 0.7588 and bears could have their longer term sights on the 2 year channel at 0.7177.
AUD/USD awaits the RBA minutes
We await the RBA minutes tonight in the Asian session where the focus should be on whether the RBA shifts towards more neutral territory, especially noting China's recent improvement in the data front. However, analysts at TD Securities explained that speculation is growing that the RBA will need to ease. "This is not our base case view yet, but pricing in a moderate easing bias looks appropriate especially with little growth impulse from capex."