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Forex: AUD/USD pops up to 0.9750 at Tokyo fix

By FXstreet.com,  June 04, 2012, 08:01:00 PM EDT

FXstreet.com (San Francisco) - AUD/USD sold off yesterday as possibility of 50 BP RBA cut priced in, sending the pair to a session low of 0.9626 before bouncing to a session high 0.9745 before closing at 0.9725 vs. 0.9685 late Friday.

At the time of writing, AUD/USD is pushing up to a fresh 3-day high of 0.9748 at the Tokyo fix as the market waits the RBA monetary policy decision at 04:30 GMT. Some analysts see a 25 bp cut, some see scope for a 50 bp cut, and others expect "no-change" after last month's 50bp cut.

From a technical standpoint, "In the 4 hours chart current candle holds above a flat 20 SMA while indicators hover around their midlines, showing no actual strength," observes Valeria Bednarik, Chief Analyst at FXstreet.com; "only a surprise move beyond the 25bp cut, will be able to trigger some action in the pair over current Asian session."




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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