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The AUD and USD set up the battle ground.

Written by Sam Coxhead on April 20th, 2012.      0 comments

4:38 PM (NZT) It has been an interesting week for this pairing that has seen a relatively contained range. After initial weakness the AUD bounced from the low (and substantial support at 1.0300) and saw strong demand before running into resistance at 1.0420. This strength was driven strong equity markets. The RBA minutes made it clear that subject to expected inflation numbers next week the cash rate would fall to  4.00% at their meeting on the 1st May. These inflation numbers are the focus for the week coming on Tuesday, and come ahead of the FED monetary policy announcement on Wednesday in the US. No change is expected from the FED , but the comments will be closely watched given a little softness has come into their data of late. The 1.0300 level remains the key support for the pair in the short term. Assuming the FED to do announce further QE measure next week, upside for the AUD should be relatively hard fought, especially with Europe looking shaky once again.
 
The current interbank midrate is:                                                            AUDUSD  1.0330                                                                                         
 
The interbank range so far this week to date has been:                 AUDUSD 1.0300 – 1.0420
 

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