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AUD/USD stabilizes around 0.9635/40

FXstreet.com (Barcelona) - The recent bearish sentiment and heavy selling seem to be taking a breather around the Aussie dollar at the beginning of the week.

The AUD has initiated a sharp decline in mid April, falling relentlessly from highs around 1.0600 the figure to sub 0.95 levels last week. In light of the RBA monthly gathering due next week, Analyst Adrian Foster at Commerzbank commented, “The Futures market is 23% priced for a 25 bps rate cut at next week’s meeting so there is again some interest in this meeting… The CAPEX investment report on Thursday is the most important release between now and then for what it signals on the end of the mining investment boom and whether other sectors are taking over the reins of growth”.

As of writing, the pair is flat at 0.9641 with the next resistance at 0.9741 (high May 24) followed by 0.9778 (high May 23) and finally 0.9798 (MA10d). On the flip side, a breach of 0.9593 (low May 23) would open the door to 0.9581 (low Jun.1 2012).

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