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2 Dec 2014
AUD/USD licking its wounds in consolidation of heavy supply
FXStreet (Guatemala) - AUD/USD is trading at 0.8444, down -0.68% on the day, having posted a daily high at 0.8545 and low at 0.8433.
AUD/USD has moved into sideways play and unmotivated by a lack of events now occurring from the calendar and with the greenback’s pace of run coming to a standstill in the late afternoon of the US session. The unit sits licking its wounds after heavy supply took it back off its perch since the bullish start to the week in Europe yesterday.
Commodity prices were lower again and there has been an upturn in the verbiage used by the RBS in relation to the value of the Aussie in their overnight statement post their interest rate meeting. The wording in the statement was changing to “A lower exchange rate is likely to be needed to achieve balanced growth in the economy”.
Technically, the Aussie is in bearish territory supported at 0.8430 ahead of possible advances through to 0.8400 and 0.8380. Until there is a change in risk sentiment and market themes in the price of oil and commodities in general, the greenback is likely to remain in demand ahead of this week’s jobs data from the US economy.
AUD/USD has moved into sideways play and unmotivated by a lack of events now occurring from the calendar and with the greenback’s pace of run coming to a standstill in the late afternoon of the US session. The unit sits licking its wounds after heavy supply took it back off its perch since the bullish start to the week in Europe yesterday.
Commodity prices were lower again and there has been an upturn in the verbiage used by the RBS in relation to the value of the Aussie in their overnight statement post their interest rate meeting. The wording in the statement was changing to “A lower exchange rate is likely to be needed to achieve balanced growth in the economy”.
Technically, the Aussie is in bearish territory supported at 0.8430 ahead of possible advances through to 0.8400 and 0.8380. Until there is a change in risk sentiment and market themes in the price of oil and commodities in general, the greenback is likely to remain in demand ahead of this week’s jobs data from the US economy.