AUDUSD was the biggest mover yesterday when it dropped almost 100 pips from 0.9332 to 0.9240.
The key driver for this big move was the less hawkish RBA meeting minutes as well as remarks from RBA deputy govenor Debelle.
RBA minutes reiterated low rates are likely appropriate for some time, while inflation is consistent with target and GDP growth would likely be below trend in the coming quarters. RBA minutes also noted that the housing markets finally appear to be slowing, further diminishing the outlook for late-2014 rate hikes that were being increasingly priced in by some of the analysts. RBA deputy govenor Debelle said that lower capital inflows may result in drop in a fall in AUD, even with demand for Australia debt still remaining robust.
AUDUSD continue to fall down today but it is approaching key support zone of 0.92 – 0.922. We can look for buy signals in this zone for retracement of AUDUSD.
Forex Trading Signals:
-0.9200 – 0.9220
– 0.9080 – 0.9140
– 0.9320- 0.9345
-0.9394 – 0.9400
Forex Signals 247