- AUD hit a 20-day low soon before press time, having hit a high of 0.7167 earlier today.
- NAB's mortgage rate hike has strengthened the case for a cut in official rates.
The Aussie dollar is being offered as a mortgage rate hike by a major Australian bank is seen accentuating the housing market slowdown and force the RBA to cut rates.
As of writing, the AUD/USD pair is trading at 0.7112, having clocked a low of 0.7107 - a level last seen on Jan. 4 - soon before press time.
The Australian currency ran into offers near 0.7150 earlier today after the National Bank of Australia announced that from next Thursday it will raise its standard variable rate for owner-occupiers repaying principal and interest by 0.12 percentage points to 5.36 percent.
The move comes months after Commonwealth Bank, Westpac, and ANZ imposed out-of-cycle hikes.
Looking ahead, the pair may find acceptance below 0.71 on rising odds of RBA rate cut. Potential risk aversion in equities would only add to the bearish pressures around the AUD.
AUD/USD Technical Levels
AUD/USD
Overview:
Today Last Price: 0.711
Today Daily change: 32 pips
Today Daily change %: -0.45%
Today Daily Open: 0.7142
Trends:
Daily SMA20: 0.7125
Daily SMA50: 0.7179
Daily SMA100: 0.717
Daily SMA200: 0.7308
Levels:
Previous Daily High: 0.7145
Previous Daily Low: 0.7116
Previous Weekly High: 0.7226
Previous Weekly Low: 0.7146
Previous Monthly High: 0.7394
Previous Monthly Low: 0.7014
Daily Fibonacci 38.2%: 0.7134
Daily Fibonacci 61.8%: 0.7127
Daily Pivot Point S1: 0.7124
Daily Pivot Point S2: 0.7105
Daily Pivot Point S3: 0.7095
Daily Pivot Point R1: 0.7153
Daily Pivot Point R2: 0.7163
Daily Pivot Point R3: 0.7182
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