Technical Analysis

Australian greenback rebounds after discovering assist on the February low

zero.7054 holds

The Australian greenback is nearly unchanged on the day at zero.7088 after falling as little as zero.7059.

0.7054 holdsI famous yesterday that there’s a optimistic seasonal backdrop for the Australian greenback and that zero.7054 gives a degree to make use of to handle threat. That degree held at the moment in North American commerce because the pair was caught in a downdraft on USD power after the ISM non-manufacturing report.

Earlier, RBA Governor Lowe was barely extra optimistic in at the moment’s choice however the principle message was unchanged, as have been charges.

Within the greater backdrop. the Aussie held its floor yesterday and at the moment regardless of some threat aversion and US greenback power. That is begin however it will want some assist from the opposite facet of the commerce sooner or later.

The massive occasion within the day forward is GDP at 0030 GMT. The consensus is for zero.three% q/q development, which equates to 2.6% y/y. Earlier than that comes a speech from Lowe at 22:10 GMT.

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