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7 Mar 2013
Forex: AUD/USD hovering over 1.0250
The Aussie dollar is stabilizing around 1.0245/50 on Thursday after trading in an upbeat tone overnight, climbing from lows around 1.0220
In the data space, Australian trade deficit widened to A$ 1,057 million during January, largely surpassing the forecasted A$ 500 million and December’s A$ 688 million.
“The domestic story is mixed, not soft enough for the RBA to deliver on its easing threat but enough for markets to keep leaning towards at least one more cash rate cut. But underlying demand for risk assets is persistent… This combination seems set to limit losses to no further than the recent 1.0115 low”, assessed Sean Callow, analyst at Westpac
AUD/USD is now up 0.12% at 1.0246 with the next resistance at 1.0265 (hourly low/high Mar.6) ahead of 1.0278 (MA21d) and then 1.0303 (high Mar.6).
On the downside, a dip below 1.0206 (high Mar.4) would expose 1.0188 (low Mar.5) and finally 1.0182 (Lower Bollinger).
In the data space, Australian trade deficit widened to A$ 1,057 million during January, largely surpassing the forecasted A$ 500 million and December’s A$ 688 million.
“The domestic story is mixed, not soft enough for the RBA to deliver on its easing threat but enough for markets to keep leaning towards at least one more cash rate cut. But underlying demand for risk assets is persistent… This combination seems set to limit losses to no further than the recent 1.0115 low”, assessed Sean Callow, analyst at Westpac
AUD/USD is now up 0.12% at 1.0246 with the next resistance at 1.0265 (hourly low/high Mar.6) ahead of 1.0278 (MA21d) and then 1.0303 (high Mar.6).
On the downside, a dip below 1.0206 (high Mar.4) would expose 1.0188 (low Mar.5) and finally 1.0182 (Lower Bollinger).