OctaFX | OctaFX Forex Broker
Open trading account
Back

AUD/USD steady before China GDP highlight

FXStreet (Guatemala) - AUD/USD is currently trading at 0.7260 with a high of and 0.7273 and a low of 0.7253.

AUD/USD was hit with offers into the closing sessions of last week, pressured with a slowdown in the recovery of commodities and stocks while speculation has arisen again for a rate cut from the RBA fueled by both weaknesses within the Financial Stability Report and on the Westpac news.

The greenback was stronger into last week's closing on the latest CPI's. Those gave rise to the likelihood of a stronger PCE, being the Fed's preferred measure of inflation and could bolster the FOMC's confidence towards liftoff in December. For the start of this week, eyes will be all over Chinese Q3 GDP. "We see services growth outpacing slower manufacturing, offering some support to overall GDP," explained analysts at TD Securities.

AUD/USD levels

Technically, there was a bearish move below the 20 SMA on the hourly charts at the close of last week. Further downside threatens the 0.7200 level and could negate compromise the bullish trend with divergence of the 20 and 55 DMA. On the upside, through the 0.7300 level, and above the pivot of 0.7320, the key targets comes at the 0.7385 Fibo retracement.

RBA may react to tighter financial conditions - Westpac

Bill Evans, Chief Economist at Westpac, notes that while the RBA may have to take action in response to tighter financial conditions in Australia, the core view remains for rates to remain on hold in both 2015 and 2016.
Read more Previous

BOJ unlikely to ease further near term - Japan's FinMin

Japan's Finance Minister Aso, in an interview with public broadcaster NHK last Friday, hinted that the BOJ is unlikely to ease further near term, throwing cold water to the growing number of pro 'QQE' supporters.
Read more Next
Start livechat