8 Apr 2015
AUD/USD trips stops 0.7655+ prior to fresh selling
FXStreet (Bali) - AUD/USD has come under renewed selling pressure at top edge 0.7655/60 with the rate now trading circa 0.7640, amid a low key affair in Asia.
Market participants initially drove the pair higher past mid US highs at 0.7655, tripping stop above for grabs of liquidity, before the bearish tendencies, which had prevailed since the last European session, resumed.
While the RBA held its policy steady yesterday, there was no real change in rhetoric, with the easing bias still present for a potential rate cut in May. While a relief-rally was to be expected, sustainable gains in the Aussie are definitely not supported by its Central Bank stance.
Market participants initially drove the pair higher past mid US highs at 0.7655, tripping stop above for grabs of liquidity, before the bearish tendencies, which had prevailed since the last European session, resumed.
While the RBA held its policy steady yesterday, there was no real change in rhetoric, with the easing bias still present for a potential rate cut in May. While a relief-rally was to be expected, sustainable gains in the Aussie are definitely not supported by its Central Bank stance.