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Jun 4, 2013
Aussie attempting to maintain ground above 97.00 after RBA decision
FXstreet.com (Barcelona) - The Aussie is currently trading at 97.03 during Asia trade, down 20 pips from the open but well off the lows which were set down at 96.62.
The RBA announced it would be holding rates at the current level of 2.75%. According to Sean Lee at FXWW, “No real surprises but it seems the market heard something bearish in the statement as AUD/USD went .9690 offered before jumping up to .9735 paid I prefer the short-term buy-dip play now that the RBA decision is behind us.”
Although the move was widely expected, the pair is struggling to find direction as market participants sort through the details of the RBA Statement. Initial resistance sits at 0.9741 (9 dma on 1 hour chart), followed by 0.9792 (previous day high). First support sits at 0.9665 (the 9dma), followed by 0.9590 (previous day low).
The RBA announced it would be holding rates at the current level of 2.75%. According to Sean Lee at FXWW, “No real surprises but it seems the market heard something bearish in the statement as AUD/USD went .9690 offered before jumping up to .9735 paid I prefer the short-term buy-dip play now that the RBA decision is behind us.”
Although the move was widely expected, the pair is struggling to find direction as market participants sort through the details of the RBA Statement. Initial resistance sits at 0.9741 (9 dma on 1 hour chart), followed by 0.9792 (previous day high). First support sits at 0.9665 (the 9dma), followed by 0.9590 (previous day low).