4 Dec 2014
AUD/USD pressures continue to weigh on 0.84 handle
FXStreet (Guatemala) - AUD/USD is trading at 0.8400, down -0.01% on the day, having posted a daily high at 0.8410 and low at 0.8401.
The AUD/USD has paired back gains and has made its intentions clear once again for further downside potential while putting pressure back onto the 0.84 psychological figure. Yesterday, the pair made its territory lower through to 0.8388 after the GDP figures were printing 0.3% vs 0.5% previous and 0.7% expected.
We now await retails sales and trade balance for October, but quite frankly these are unlikely to shift the consensus for the direction of the pair given the dominance of the greenback in the marketplace and sentiment for Australia’s outlook in 2015 against a backdrop in disinflation.
The RBA has been sighted by analysts for rate cuts in 2015 while officials of the bank continue to jaw bone the currency lower. Valeria Bednarik, chief analyst at FXStreet noted that in the 4 hours chart indicators maintain a strong bearish momentum. “…With 20 SMA heading lower above current price, RSI approaching 30 and momentum retracing from 100. weaker data, eyeing the 0.8300 figure for the upcoming sessions”.
The AUD/USD has paired back gains and has made its intentions clear once again for further downside potential while putting pressure back onto the 0.84 psychological figure. Yesterday, the pair made its territory lower through to 0.8388 after the GDP figures were printing 0.3% vs 0.5% previous and 0.7% expected.
We now await retails sales and trade balance for October, but quite frankly these are unlikely to shift the consensus for the direction of the pair given the dominance of the greenback in the marketplace and sentiment for Australia’s outlook in 2015 against a backdrop in disinflation.
The RBA has been sighted by analysts for rate cuts in 2015 while officials of the bank continue to jaw bone the currency lower. Valeria Bednarik, chief analyst at FXStreet noted that in the 4 hours chart indicators maintain a strong bearish momentum. “…With 20 SMA heading lower above current price, RSI approaching 30 and momentum retracing from 100. weaker data, eyeing the 0.8300 figure for the upcoming sessions”.