Back
5 Feb 2015
AUD/USD turns bid and back onto 0.78 handle
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7815 at time of writing, with a high of 0.7826 and a low of 0.7732.
AUD/USD moved up on the 0.78 handle with a convincing move away from 0.7720/30 support despite the poor retail sales from overnight in the Australian economy for December. There has been a rise in the commodity currencies, and oil is looking like it has made a bottom with gains back into the $50 price zone again and the greenback has struggled across the board on a down day in the index.
Fundamentally, AUD is proving difficult to call as Westpac Global Strategy Group explained, "The RBA’s 25bps ease turned into a vicious squeeze on Tuesday, suggesting markets are not rational at the moment. We see 0.7850/0.7900 as the A$ top."
AUD/USD moved up on the 0.78 handle with a convincing move away from 0.7720/30 support despite the poor retail sales from overnight in the Australian economy for December. There has been a rise in the commodity currencies, and oil is looking like it has made a bottom with gains back into the $50 price zone again and the greenback has struggled across the board on a down day in the index.
Fundamentally, AUD is proving difficult to call as Westpac Global Strategy Group explained, "The RBA’s 25bps ease turned into a vicious squeeze on Tuesday, suggesting markets are not rational at the moment. We see 0.7850/0.7900 as the A$ top."