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Forex: AUD/USD finds support around 1.0230

FXstreet.com (Barcelona) - Softer than expected consumer prices in the Australian economy sparked a selling wave in the Aussie, dragging the cross to the vicinity of 1.0230 where buying interest lifted the pair back to the current 1.0250 region.

In the view of analyst Adrian Foster at Rabobank, “The continued moderate inflation out-turns keep the door open to an RBA rate cut although, as I see it, the ongoing domestically-driven price pressures mean it’s unlikely to deliver that cut at the May meeting. Rather they’ll continue to monitor investment trends and the transition from mining-led growth to non-mining sector growth as the key dynamic of interest”.

AUD/USD is now losing 0.11% at 1.0249 with the next support at 1.0225 (76.4% 1.0116-1.0583) followed by 1.0221 (low Apr.23) and finally 1.0202 (low Mar.11).
On the upside, a breakout of 1.0272 (high Apr.23) would expose 1.0308 (high Apr.22) and then 1.0358 (high Apr.19).

Forex: USD/JPY erasing Asian losses

The latest upside attempt was capped at 99.77 high during the Asian session and the pair moved down to 99.19 low after that, but the market remains well supported and money flows ahead of the European session are pulling the USD/JPY back to its highs. As of writing, the price goes at 99.63 as bulls keep on believing on the 100.00 mark. Despite the current rebound, the USD/JPY still has to return to 99.66 to erase its daily losses back to yesterday’s close.
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