Forex: AUD/USD at session lows but still bid

By FXstreet.com,  April 01, 2012, 09:06:00 PM EDT

FXstreet.com (San Francisco) - AUD/USD has traded down to a session low of 1.0416 in Asia but remains largely bid at the start of trading this Monday, up 0.6% on the day as it threatens to push lower.

At time of writing, the pair is quoted just at the 1.0420 price zone. Should the pair edge lower, support levels are noted at the 1.0400 handle, 1.0370 then 1.0335. To the upside, resistance levels lie at 1.0460, 1.0500 and 1.0550.

From Valeria Bednarik, Chief analyst at FXstreet.com: "In the 4 hours chart indicators head north above their midlines, while price jumps above a still bearish 20 SMA; short term talking, once below 1.0420 the pair may attempt to fill the gap and resume the downside, while sustained gains above 1.0460 may favor a continuation rally towards the 1.0550 price zone."

At its meeting tomorrow, the Reserve Bank of Australia ( RBA ) is expected not to lower the cash rate from 4.25 per cent where it has sat since December; surveyed economists predict that the RBA will leave rates on hold.




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

Referenced Stocks: RBA



Latest News Video

Safety Officials Launch Probe Into Connecticut Train Crash
Safety Officials Launch Probe Into ...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.43 0.07  0.52%
CSCO $ 24.24 0.35  1.48%
MSFT $ 34.87 0.79  2.32%
F $ 15.08 0.44  3.01%
ARUN $ 13.10 4.51  25.61%
SIRI $ 3.50 0.05  1.45%
GE $ 23.46 0.19  0.82%
S $ 7.32 0.04  0.55%