Forex: AUD/USD ticks higher; more downside risk for AUD - OzForex Research (San Francisco) - AUD/USD continues its slow steady rise Monday, boosted by a positive tone in regional share markets, which sent the pair to a recent 2-week high of 1.0377. On the hourly chart, price seems to have stalled at the 200-EMA, but looks poised for a test of offers around the 1.0400 figure (23.6%, 1.0147/1.0478) if this bullish momentum persists.

Tomorrow, the RBA meeting minutes will be released, and anticipation of further action by the central bank in loosening monetary policy is keeping AUD from rallying further. “The official cash rate stands at 3.25 per cent and the market is not ruling out a cut in December,” explains OzForex Research. “RBA board meeting minutes from November are due for release tomorrow and in the meantime, there is more risk to the downside for the Australian Dollar.”

Japan’s Nikkei is currently up around 1.6%; Australian shares are up around 0.4%; Hong Kong stocks are up around 0.6%; S&P CNX Nifty is currently up 0.2% on the day.