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Forex: AUD boosted after RBA Minutes

By FXstreet.com,  August 20, 2012, 09:56:00 PM EDT

FXstreet.com (San Francisco) - The Australian dollar is getting a lift as markets digest the RBA Minutes of the August 2012 monetary policy meeting.

AUD/USD has pushed above the 21-day EMA to reach a 2-day high of 1.0478 from 1.0448 at the Asian open. AUD/JPY rallied back above 83.00 to record fresh session highs, stalling just shy of the 83.20 Fibonacci resistance level (61.8%, 88.64/74.48 decline). EUR/AUD has come under pressure, trading down around 30 pips to as low as 1.1790.

Fundamentally speaking, nothing special was seen from the Minutes, but Ivan Delgado, analyst at FXstreet.com characterizes the release as presenting "a case against rate cuts." Mr. Delgado says that the most relevant line was: "it will take time for impact of rate cuts to become apparent, which appears suggestive that they are comfortable with the easing cycle conducted so far."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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