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AUD/USD pressured upon 0.93 handle

FXStreet (Guatemala) - AUD/USD is trading at 0.9313, up 0.09% on the day, having posted a daily high at 0.9330 and low at 0.9288.

AUD/USD isn’t coming with much conviction upon the 0.93 handle and analysts at Rabobank highlighted that the RBA’s downward revisions to both GDP and CPI inflation forecasts last week make clear the concerns of the central bank. “While the market perceives that the risk of another rate cut is back on the table, fear that this may add further accelerant to house prices will likely ensure that the RBA retain a preferred for a period of steady policy for the time being. Bearing in mind the economic risks we retain our forecasts that AUD/USD could edge down towards 0.90 on a 6 mth view and back towards 0.86 in 12 mths”.

AUD/USD hourly levels

With spot trading at 0.9313, we can see next resistance ahead at 0.9329 (Daily 20 SMA), 0.9331 (Daily Classic R1) and 0.9339 (Daily 100 SMA). Support below can be found at 0.9308 (Hourly 20 EMA), 0.9296 (Weekly Classic PP) and 0.9294 (Daily Classic PP).

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