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Forex: AUD/USD eases off highs to 1.0455/56

FXstreet.com (Barcelona) - The AUD/USD has been creeping lower off its maximums at 1.0481 during the US session. Since then the cross has managed to buoy itself positively, though has surrendered a part of its gains to trade at 1.0455/56 in these moments, still up +0.30% Tuesday.

Briefing the technicals, the AUD/USD is slated to face calculated resistance at 1.0495, ahead of 1.0510, and finally 1.0545. Conversely, any downside attempt or subsequent movement lower will encounter means of support at 1.0440, then 1.0415, and finally 1.0385, notes the ICN.com technical analyst team.

According to Global FX Strategist Sean Callow at RBS, “The rapid rebuild of spec long AUD positions since early March hints at waning confidence in broad USD measures. Commodity prices remain mostly unhelpful for AUD – local data will need to beat expectations for the AUD/USD to spend much time above 1.0500, with 1.0400 handle more comfortable.”

Forex: US Dollar Index up above 83.00

The US Dollar Index, which tracks the greenback against its major competitors, is advancing firmly on Tuesday, consolidating gains beyond the key resistance of 83.00...
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Forex Flash: GBP weakness is sufficient for UK reshuffle – Goldman Sachs

To determine the real exchange rate adjustment required to address the UK’s external imbalances, we use a framework that we have previously used to analyze the adjustments taking place within the Euro area. According to the Economics Research Team at Goldman Sachs, “In this framework, the size of the exchange rate adjustment required to rebalance the economy depends (in part) on the ease with which demand can switch to domestically produced goods and services. If one assumes that the relative price changes required to trigger such a switch are broadly consistent with past patterns, our results suggest that Sterling is now weak enough to rebalance the UK economy.”
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