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20 Aug 2013
AUD/USD sliding to new session lows in response to RBA minutes
FXstreet.com (Barcelona) - The AUD/USD immediately sold off when the minutes to the most recent RBA Policy Meeting were released early Tuesday.
RBA Meeting Minutes indicate a continuing data-dependent stance
It is not clear what the markets were specifically wanting or expecting Tuesday – but apparently they did not get it. The RBA’s cryptic message included, "Regarding the communication of this decision, members agreed that the Bank should neither close off the possibility of reducing rates further, nor signal an imminent intention to reduce rates further."
Technical outlook for AUD/USD
Technicians say the upside momentum that was being built late last week and early Monday in AUD/USD may have been lost later in the day Monday when the cross posted a “bearish reversal” candle on the daily price chart. AUD/USD must change course, rally and close above the 8/12 high of 0.9221 and then Fibonacci resistance at 0.9226 to open the doors to a move up to 0.9483 (the next Fibonacci resistance). On the other hand, since 0.9220 resistance seems to have held strong, technicians are calling for a re-test of 0.9058.
RBA Meeting Minutes indicate a continuing data-dependent stance
It is not clear what the markets were specifically wanting or expecting Tuesday – but apparently they did not get it. The RBA’s cryptic message included, "Regarding the communication of this decision, members agreed that the Bank should neither close off the possibility of reducing rates further, nor signal an imminent intention to reduce rates further."
Technical outlook for AUD/USD
Technicians say the upside momentum that was being built late last week and early Monday in AUD/USD may have been lost later in the day Monday when the cross posted a “bearish reversal” candle on the daily price chart. AUD/USD must change course, rally and close above the 8/12 high of 0.9221 and then Fibonacci resistance at 0.9226 to open the doors to a move up to 0.9483 (the next Fibonacci resistance). On the other hand, since 0.9220 resistance seems to have held strong, technicians are calling for a re-test of 0.9058.