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20 Apr 2015
AUD/USD breaks below 0.7750 after Steven signals for a rate cut
FXStreet (Tokyo) - The AUD/USD is currently trading lower as the pair got a hit from RBA's Steven that said the RBA board clearly "signaled rates could be cut again."
Previously in the day, the AUD/USD was unable to break above R1 at 0.7825 and it started a selling process that drove the unit to 0.7750; where it was just before Steven. Then, the pair collapsed 50 additional pips to test S2 at 0.7710.
Currently, AUD/USD is trading at 0.7716, down 0.83% on the day, having posted a daily high at 0.7830 and low at 0.7714. AUD/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
AUD/USD forecast
According to the FXStreet AUD/USD forecast poll, there are no changes for the AUD/USD, "bears still rule: Aussie is seen resuming the downside towards 0.7500 after some consolidation below the 0.8000 level."
More precisely, Jameel Ahmad from FXTM commented in the poll that "this range between 0.75 and 0.78 will not end until the RBA cuts rates again, or the Federal Reserve makes a highly dovish statement."
Australian Dollar vs US dollar levels
If the pair extends decline beyond 0.7710, it will find next supports at 0.7700 and MA-200 hours at 0.7690. To the upside, resistances are at 0.7750, PP at 0.7790 and R! at 0.7825.
Previously in the day, the AUD/USD was unable to break above R1 at 0.7825 and it started a selling process that drove the unit to 0.7750; where it was just before Steven. Then, the pair collapsed 50 additional pips to test S2 at 0.7710.
Currently, AUD/USD is trading at 0.7716, down 0.83% on the day, having posted a daily high at 0.7830 and low at 0.7714. AUD/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
AUD/USD forecast
According to the FXStreet AUD/USD forecast poll, there are no changes for the AUD/USD, "bears still rule: Aussie is seen resuming the downside towards 0.7500 after some consolidation below the 0.8000 level."
More precisely, Jameel Ahmad from FXTM commented in the poll that "this range between 0.75 and 0.78 will not end until the RBA cuts rates again, or the Federal Reserve makes a highly dovish statement."
Australian Dollar vs US dollar levels
If the pair extends decline beyond 0.7710, it will find next supports at 0.7700 and MA-200 hours at 0.7690. To the upside, resistances are at 0.7750, PP at 0.7790 and R! at 0.7825.