Forex: Hawkish RBA MPS should not be surprising; likely AUD positive – V.Bednarik

FXstreet.com (San francisco) - The Australian dollar ended relatively flat against the greenback on Thursday despite surprising gains in jobs down under. In early Asia, AUD/USD is now consolidating around the 1.0400 ahead of the RBA’s quarterly Statement on Monetary Policy at 00:30 GMT; until then, tight ranges can be expected.

According to Valeria Bednarik, Chief Analyst at FXstreet.com, the pair maintains its overall bullish trend, but enters Asia looking bearish in the intraday timeframes, “While market sentiment prevents the pair to gain, the downside continues to be limited, with supports at 1.0370 and 1.0335, this last, the last defense of bulls,” says the analyst.

Ms. Bednarik offers her view of AUD from a fundamental perspective: “RBA Minutes after the Central Bank left rates unchanged will bring more light over the economic situation; latest macro readings were pretty positive, so a hawkish stance should not be a surprise, but surely AUD supportive.”

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