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2 Mar 2015
AUD/USD testing bids circa 0.78 ahead of RBA on Tuesday
FXStreet (Bali) - The AUD/USD is trading near Friday's US lows around 0.78 with the weekend news of a slightly improved China PMI and a surprising China rate cut not providing much relief to the AUD, ahead of Tuesday's RBA monetary policy, with consensus pointing at another 25bp rate cut to 2%.
View from Jim Langlands, Founder at FXCharts
"This week is going to be busy, starting with plenty of data today but with the real focus on tomorrow’s RBA meeting and then on the GDP figure, due Thursday."
"The market seems to be coming increasingly of the view that the RBA will cut rates and could also lean towards an easing bias, in which case the Aud is holding up remarkably well, although this is probably due, in part, to the latest CFTC figures which show Aud shorts to be at the greatest level since January 2014."
"Technically, the short term indicators are mixed and give little hint either way although the dailies still actually have a positive bias as they unwind their oversold condition."
View from Jim Langlands, Founder at FXCharts
"This week is going to be busy, starting with plenty of data today but with the real focus on tomorrow’s RBA meeting and then on the GDP figure, due Thursday."
"The market seems to be coming increasingly of the view that the RBA will cut rates and could also lean towards an easing bias, in which case the Aud is holding up remarkably well, although this is probably due, in part, to the latest CFTC figures which show Aud shorts to be at the greatest level since January 2014."
"Technically, the short term indicators are mixed and give little hint either way although the dailies still actually have a positive bias as they unwind their oversold condition."