- AUD/USD traders look to the RBa for signals.
- Data impresses and RBA more upbeat in tone.
Capped on the upside, bears aim for the 21-Day moving avrage but, AUD/USD is flat in the open, having risen from 0.6830 to 0.6858 (a one-month high) on Friday, opening at 0.6845 within a 10 pip range.
"There was little reaction to RBA governor Lowe’s upbeat tone from the IMF meetings in Washington DC but pricing for a Nov rate cut was lower than as of late Thursday, which helps AUD," analysts at Westpac explained.
RBA in focus
RBA's Govenor Lowe spoke at an IMF forum in Washington and came across more upbeat, essentially downplaying the odds of the RBA needing to cut stating "I don't think it's the right assumption to make that we're going to have a lot more work to do to get inflation back to target and growth back to trend."
Additionally, he said "Actually, the economy has been through a soft patch over the last year but it's actually gradually improving," he said. On non-conventional monetary policy he said, "I'm not going to speculate on negative interest rates and quantitative easing in Australia, other than to say negative interest rates are extraordinarily unlikely in my country."
|Today last price||0.685|
|Today Daily Change||-0.0004|
|Today Daily Change %||-0.06|
|Today daily open||0.6854|
|Previous Daily High||0.6858|
|Previous Daily Low||0.682|
|Previous Weekly High||0.6858|
|Previous Weekly Low||0.672|
|Previous Monthly High||0.6895|
|Previous Monthly Low||0.6687|
|Daily Fibonacci 38.2%||0.6843|
|Daily Fibonacci 61.8%||0.6835|
|Daily Pivot Point S1||0.683|
|Daily Pivot Point S2||0.6806|
|Daily Pivot Point S3||0.6792|
|Daily Pivot Point R1||0.6868|
|Daily Pivot Point R2||0.6882|
|Daily Pivot Point R3||0.6906|
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