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Forex: AUD/USD keeps lows around 1.0180/90

FXstreet.com (Barcelona) - The Aussie dollar is attempting a rebound from session lows in the boundaries of 1.0180 on Tuesday, dragged lower after the RBA cut the refi rate by 25 bp to a record low at 2.75%, surprising the FX community that was biased towards an ‘on hold’ stance.

In the view of Adrian Foster, Analyst at Rabobank, there are two factors that triggered today’s rate cut: “The first is Europe’s continued recession and the second is the strength of the AU$. Not because it’s risen recently but because its strength of recent years is slowly eating into sectors that are currency sensitive, especially with commodity prices lower and the mining boom moving closer to passing”.

AUS/USD is now losing 0.63% at 1.0188 with the immediate support at 1.0116 (March low) followed by 0.9897 (high Mar.29).
On the flip side, a breakout of 1.0221 (April low) would bring 1.0340 (MA55d).

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