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4 May 2015
AUD/USD keeps losses around 0.7830
FXStreet (Mumbai) - The Australian dollar remains pressured versus the US dollar in the mid-European session, with AUD/USD extending its side-trend above 0.78 handle, largely as traders remain cautious ahead of RBA’s policy decision tomorrow while braid based USD strength continues to drag the Antipodean lower.
AUD/USD consolidates ahead of RBA
Currently, the AUD/USD dropped nearly -0.18% and trades at 0.7830, having posted day’s lows at 0.7803 and day’s high at 0.7844. AUD/USD eased on Monday amid expectations for further easing from the Reserve Bank of Australia (RBA) on Tuesday, as the central bank has openly expressed their easing bias since February's rate cut.
Analysts at ANZ note, "The RBA are expected to cut rates and downgrade the growth forecast, and that should weigh on the AUD."
Moreover, firming USD across the board supported by better than expected US macro data continues to weigh on the Aussie.
Meanwhile, markets now await US factory orders data due later in the US session for further cues on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7874 levels, above which gains could be extended to 0.7900 levels. On the flip side, support is seen at 0.7800 levels from here it to 0.7762 levels.
AUD/USD consolidates ahead of RBA
Currently, the AUD/USD dropped nearly -0.18% and trades at 0.7830, having posted day’s lows at 0.7803 and day’s high at 0.7844. AUD/USD eased on Monday amid expectations for further easing from the Reserve Bank of Australia (RBA) on Tuesday, as the central bank has openly expressed their easing bias since February's rate cut.
Analysts at ANZ note, "The RBA are expected to cut rates and downgrade the growth forecast, and that should weigh on the AUD."
Moreover, firming USD across the board supported by better than expected US macro data continues to weigh on the Aussie.
Meanwhile, markets now await US factory orders data due later in the US session for further cues on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7874 levels, above which gains could be extended to 0.7900 levels. On the flip side, support is seen at 0.7800 levels from here it to 0.7762 levels.