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2 Mar 2015
AUD/USD: Below 0.8035, bearishness prevails
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7782 with a high of 0.7796 and a low of 0.7754.
We are a blip higher in the Aussie on the back of weak ISM US manufacturing. However, the AUD/USD has been trading between key levels, with pressures that are mounting to the downside. We are essentially within February's commencing sideways channel still with the upside attempts recently failing just ahead of the 0.7930 downtrend. Any strength in the Aussie is short lived in a descending bearish trend, and such current catalysts to buy the Aussie have been stemming from sentiment that the Reserve Bank of Australia may not cut rates today.
Analysts at Brown Brothers Harriman suggested that if the RBA does not cut rates in March, softness will remain in the Aussie as markets will be more convinced that a cut will be required in Q2. 0.8000 is the psychological level although while below 0.8035, bearishness prevails.
We are a blip higher in the Aussie on the back of weak ISM US manufacturing. However, the AUD/USD has been trading between key levels, with pressures that are mounting to the downside. We are essentially within February's commencing sideways channel still with the upside attempts recently failing just ahead of the 0.7930 downtrend. Any strength in the Aussie is short lived in a descending bearish trend, and such current catalysts to buy the Aussie have been stemming from sentiment that the Reserve Bank of Australia may not cut rates today.
Analysts at Brown Brothers Harriman suggested that if the RBA does not cut rates in March, softness will remain in the Aussie as markets will be more convinced that a cut will be required in Q2. 0.8000 is the psychological level although while below 0.8035, bearishness prevails.