2 May 2014
AUD/USD drops to lows near 0.9250
FXStreet (Edinburgh) - The selling pressure is intensifying around the Aussie dollar on Friday, dragging the AUD/USD to fresh lows around 0.9250.
AUD/USD in 3-day lows
Spot is now retreating for the second consecutive session after yesterday’s tops just above the 0.9300 handle. The current decline, however, remains within the more ample correction lower from recent peaks near 0.9470 against the backdrop of declining iron prices and fears of a Chinese slowdown. In light of next week’s RBA meeting, analysts at ING Bank commented, “The Reserve Bank of Australia is also set to keep policy unchanged this week, with the latest low inflation readings helping to ease fears of the need for any policy tightening in the near term”.
AUD/USD relevant levels
As of writing the pair is down 0.21% at 0.9253 and a break below 0.9227 (low Apr.29) would aim for 0.9225 (low Apr.4) ahead of 0.9200 (psychological level). On the upside, the initial hurdle lines up at 0.9312 (high May.1) followed by 0.9318 (high Apr.28) and then 0.9427 (high Apr.11).
AUD/USD in 3-day lows
Spot is now retreating for the second consecutive session after yesterday’s tops just above the 0.9300 handle. The current decline, however, remains within the more ample correction lower from recent peaks near 0.9470 against the backdrop of declining iron prices and fears of a Chinese slowdown. In light of next week’s RBA meeting, analysts at ING Bank commented, “The Reserve Bank of Australia is also set to keep policy unchanged this week, with the latest low inflation readings helping to ease fears of the need for any policy tightening in the near term”.
AUD/USD relevant levels
As of writing the pair is down 0.21% at 0.9253 and a break below 0.9227 (low Apr.29) would aim for 0.9225 (low Apr.4) ahead of 0.9200 (psychological level). On the upside, the initial hurdle lines up at 0.9312 (high May.1) followed by 0.9318 (high Apr.28) and then 0.9427 (high Apr.11).