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18 Jun 2013
AUD/USD continues to hover above 0.9500
FXstreet.com (Barcelona) - After trading as high as 0.9640 earlier in the day, the AUD/USD was unable to maintain its bid and finished down 30 pips at 0.9537.
RBA Minutes due out 1:30GMT
Analysts at NAB Global Markets were pointing towards the latest release of the RBA Minutes due out at bit later in the session as a possible catalyst to help influence price action in the coming days. “The RBA release the full minutes of their June Board meeting when they left rates unchanged and released a shortened statement, implying less of a need to re-adjust their views much on the outlook. The minutes are not often big market moving events and this one is likely to be little different.”
NAB later went on to discuss a few other details they would be looking for which could be important to to monitor during the release. “We’ll be interested to read how the RBA staff viewed the then about to be released Q1 GDP. Their medium term outlook for business investment outlook in the light of the Q1 Capex survey can’t have been too negative since the RBA was content to leave rates on hold. They had the bulk of the pre-GDP Q1 partials at that Board meeting, the big subsequent surprise being the moderate 0.6% gain in household consumption given strong 2.2% Q1 retail volumes growth,” NAB concluded.
AUD/USD struggling to find momentum buyers
The technical set up on the daily chart of AUD/USD has made some improvement over the last four trading days, but the bulls will need to continue to show additional follow through to help turn the short term trend in their favor. Price is now consolidating above the 9dma (0.9527) which is a constructive development, but it will need to build value above the 20dma (0.9608) to further improve the set up. The RSI (14) is still finding a difficult time maintaining much ground above the 50 level, which is a sign the bulls are having a tough time establishing any type of momentum follow through.
RBA Minutes due out 1:30GMT
Analysts at NAB Global Markets were pointing towards the latest release of the RBA Minutes due out at bit later in the session as a possible catalyst to help influence price action in the coming days. “The RBA release the full minutes of their June Board meeting when they left rates unchanged and released a shortened statement, implying less of a need to re-adjust their views much on the outlook. The minutes are not often big market moving events and this one is likely to be little different.”
NAB later went on to discuss a few other details they would be looking for which could be important to to monitor during the release. “We’ll be interested to read how the RBA staff viewed the then about to be released Q1 GDP. Their medium term outlook for business investment outlook in the light of the Q1 Capex survey can’t have been too negative since the RBA was content to leave rates on hold. They had the bulk of the pre-GDP Q1 partials at that Board meeting, the big subsequent surprise being the moderate 0.6% gain in household consumption given strong 2.2% Q1 retail volumes growth,” NAB concluded.
AUD/USD struggling to find momentum buyers
The technical set up on the daily chart of AUD/USD has made some improvement over the last four trading days, but the bulls will need to continue to show additional follow through to help turn the short term trend in their favor. Price is now consolidating above the 9dma (0.9527) which is a constructive development, but it will need to build value above the 20dma (0.9608) to further improve the set up. The RSI (14) is still finding a difficult time maintaining much ground above the 50 level, which is a sign the bulls are having a tough time establishing any type of momentum follow through.