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24 Feb 2015
AUD/USD falls to a fresh 3-day low on RBNZ survey, back below 0.7800
FXStreet (Mumbai) - AUD/USD slumped to fresh three day lows in the Asian morning, following the drop in its Oz counterpart after Reserve Bank of New Zealand (RBNZ) downgraded inflation expectations in its survey, dragging the entire Antipodeans complex down.
AUD/USD slips from 0.7806 levels post release
Currently, the AUD/USD trades lower by -0.40% at 0.7774 levels, having dipped to fresh session lows at 0.7767 levels post the RBNZ survey release. AUD/USD gave back gains and slipped below 0.78 handle after RBNZ’s low inflation expectations added to the speculation of RBNZ going for a rate cut this year, bolstering the case for another rate cut by RBA in its upcoming March meeting. Moreover, falling industrial metal prices amid lack of physical Asian demand as China remains closed on New Year holidays, also contributed to the downside in the Aussie.
Meanwhile, AUD/USD is expected to remain undermined ahead of Fed Yellen’s testimony before the Senate Banking Committee due later today for further momentum on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7799 (10-DMA) levels, above which gains could be extended to 0.7811 (10-DMA) levels. On the flip side, support is seen at 0.7755 from here it to 0.7721 levels.
AUD/USD slips from 0.7806 levels post release
Currently, the AUD/USD trades lower by -0.40% at 0.7774 levels, having dipped to fresh session lows at 0.7767 levels post the RBNZ survey release. AUD/USD gave back gains and slipped below 0.78 handle after RBNZ’s low inflation expectations added to the speculation of RBNZ going for a rate cut this year, bolstering the case for another rate cut by RBA in its upcoming March meeting. Moreover, falling industrial metal prices amid lack of physical Asian demand as China remains closed on New Year holidays, also contributed to the downside in the Aussie.
Meanwhile, AUD/USD is expected to remain undermined ahead of Fed Yellen’s testimony before the Senate Banking Committee due later today for further momentum on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7799 (10-DMA) levels, above which gains could be extended to 0.7811 (10-DMA) levels. On the flip side, support is seen at 0.7755 from here it to 0.7721 levels.