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19 Apr 2013
Forex: AUD/USD with bounce stalled at 1.3050
FXstreet.com (Barcelona) - The AUD/USD was capped at 1.0582 high last week and fell through this week to as low as yesterday’s 1.0270 low. The psychological level at 1.0300 was able to hold the market and the cross rose to 1.0350 area during the European session, where it is stalling against further gains.
The economic calendar is quite empty, both for Australia and the US, but the G20/IMF meeting should keep investors looking for headlines. China CB Leading Economic Index eased from 1.2 (revised from 1.3) to 0.0.
“Gold’s “flash crash” accounted for much of the recent AUD/USD reversal and shouldn’t be repeated. However weakness in base metals prices and growing market pricing for RBA easing in Q2 should see the pair test 1.0150 in coming weeks. The outlook brightens from mid-year though as BoJ QE should dovetail with the Fed’s to push AUD/USD back towards this year’s highs around 1.06”, wrote Westpac analyst Sean Callow.
The economic calendar is quite empty, both for Australia and the US, but the G20/IMF meeting should keep investors looking for headlines. China CB Leading Economic Index eased from 1.2 (revised from 1.3) to 0.0.
“Gold’s “flash crash” accounted for much of the recent AUD/USD reversal and shouldn’t be repeated. However weakness in base metals prices and growing market pricing for RBA easing in Q2 should see the pair test 1.0150 in coming weeks. The outlook brightens from mid-year though as BoJ QE should dovetail with the Fed’s to push AUD/USD back towards this year’s highs around 1.06”, wrote Westpac analyst Sean Callow.