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19 May 2015
AUD/USD pares RBA -losses, back above 0.80
FXStreet (Mumbai) - AUD/USD advanced in the early European morning and regained 0.80 barrier after having dropped below the last following dovish RBA minutes released in early Asia which suggested doors are still left open for further rate cuts.
AUD/USD recovers from 0.7957
Currently, the AUD/USD pair trades 0.15% higher at 0.8002, hovering close to fresh session highs reached at 0.8010 some time ago. AUD/USD spiked higher after the US dollar halted its upside momentum while the Aussie also tracked gains from its New Zealand counterpart after rising inflation expectations in the Kiwi nation eased fears of RBNZ rate cut.
The Aussie fell in Asia after RBA’s today's minutes release suggested the bank is not ruling out more rate cuts. The RBA has lowered the cash rate twice so far this year, once in February and again in May, bringing the cash rate to a record-low 2%.
Meanwhile, traders now shift their focus towards US housing starts and building permits datafor fresh cues on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8056 (May 18 High) levels, above which gains could be extended to 0.8100 levels. On the flip side, support is seen at 0.7951 (May 13 Low) levels from here it to 0.7900 levels.
AUD/USD recovers from 0.7957
Currently, the AUD/USD pair trades 0.15% higher at 0.8002, hovering close to fresh session highs reached at 0.8010 some time ago. AUD/USD spiked higher after the US dollar halted its upside momentum while the Aussie also tracked gains from its New Zealand counterpart after rising inflation expectations in the Kiwi nation eased fears of RBNZ rate cut.
The Aussie fell in Asia after RBA’s today's minutes release suggested the bank is not ruling out more rate cuts. The RBA has lowered the cash rate twice so far this year, once in February and again in May, bringing the cash rate to a record-low 2%.
Meanwhile, traders now shift their focus towards US housing starts and building permits datafor fresh cues on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8056 (May 18 High) levels, above which gains could be extended to 0.8100 levels. On the flip side, support is seen at 0.7951 (May 13 Low) levels from here it to 0.7900 levels.