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17 Dec 2013
AUD/USD depressed below 0.8970, MYEFO eyed
FXstreet.com (Bali) - The phase of redistribution in the AUD/USD is extending throughout the Asian session, with the exchange rate still in a muddy terrain, stuck below 0.8970 resistance.
The latest RBA minutes, which highlighted familiar lines such as RBA not ruling out the possibility of further easing or AUD at uncomfortably high levels, failed to spur any fresh wave of selling in the Australian Dollar, as both headlines are by now well discounted by the market. Traders should keep an eye on today's Australian Mid-Year Economic and Fiscal Outlook, due for release at 1.30GMT.
From a price action perspective, the AUD/USD tepid sideways action near trend lows, which comes in confluence with a key support between 0.8850 and 0.89, has led to some profit-taking in recent trading. Quite concerning for the interest of fresh buyers though, should be the inability to produce much of a rebound so far.
The latest RBA minutes, which highlighted familiar lines such as RBA not ruling out the possibility of further easing or AUD at uncomfortably high levels, failed to spur any fresh wave of selling in the Australian Dollar, as both headlines are by now well discounted by the market. Traders should keep an eye on today's Australian Mid-Year Economic and Fiscal Outlook, due for release at 1.30GMT.
From a price action perspective, the AUD/USD tepid sideways action near trend lows, which comes in confluence with a key support between 0.8850 and 0.89, has led to some profit-taking in recent trading. Quite concerning for the interest of fresh buyers though, should be the inability to produce much of a rebound so far.