AUDUSD: Aussie Eases After RBA Minutes

20 / 02 / 2018
Trading is risky and your entire investment may be at risk

The Australian dollar slipped on Tuesday and the AUDUSD pair was seen 0.20% lower during the London session, hovering around the 0.79 mark. The greenback gained broadly and was trying to erase some of the sharp losses suffered in the previous week.

The minutes said: “the Board is more encouraged by the global economy than in December. “The near-term outlook for Australia’s major trading partners had been revised up slightly since November” and “global growth could continue to surprise on the upside” boosting growth and inflation in Australia,” Somewhat positive minutes failed to lift the Australian dollar, but losses were not dramatic so far.

In addition, commodities were weaker on Tuesday, with copper, oil and silver losing ground amid stronger US dollar. As there are no major data on the agenda today, this short-term trend might continue throughout the day.

The Aussie is now testing the first stronger support near 0.78950 and if not held, the intraday outlook could switch to bearish, targeting 0.7850 in the initial wave.

Bears might defend the 0.7940 level and if forced to retreat, the next selling zone appears to be slightly below the psychological 0.80 handle. In all cases we strongly recommend to have rigorous money and risk management.

Disclaimer: The content of the Reports constitutes Marketing Communication and does not constitute Investment Advice or Investment Research or an offer for any transactions in financial instrument. The content of the Reports represents the view of our experts on a generic basis, and does not take into consideration individual readers personal circumstances, investment experience or current financial situation. In addition, the Reports have not been prepared in accordance with legal requirements designed to promote the independence of Investment Research, and are not subject to any prohibition on dealing ahead of the dissemination of Investment Research. Readers using the Reports should consider the possibility of encountering substantial losses. The past performance is not a guarantee of future results. Therefore, Goldenburg Group Limited shall not accept any responsibility for any losses of traders due to the use and the content of its Reports.