{"id":7256,"date":"2010-03-02T11:59:26","date_gmt":"2010-03-02T16:59:26","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7256"},"modified":"2010-03-02T11:59:26","modified_gmt":"2010-03-02T16:59:26","slug":"audusd-heads-higher-following-rba-rate-hike","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/02\/audusd-heads-higher-following-rba-rate-hike\/","title":{"rendered":"AUD\/USD Heads Higher Following RBA Rate Hike"},"content":{"rendered":"

The RBA raised its benchmark rate by another 25 basis points today, signaling confidence in the performance of Australia\u2019s economy despite fiscal uncertainties in Europe and liquidity tightening in China.\u00a0 In fact, China just reported a sharp decline in bank lending during the month of February, and it will be interesting to see whether this has an \"\"<\/a>impact on Pacific currencies tomorrow as the news sinks in.\u00a0 Australia will keep the news flow going by printing GDP tomorrow morning.\u00a0 Considering the RBA raised rates today and expressed confidence in the economy, a strong showing from GDP wouldn\u2019t be surprising.\u00a0 The Aussie hasn\u2019t enjoyed too much topside momentum from the rate hike, meaning the currency pair could make a sizable move should GDP top estimates.\u00a0 Meanwhile, it seems the Aussie\u2019s .90 level is continuing to play a psychological role.\u00a0 However, the currency pair is currently testing our 1st tier downtrend line, which runs through February highs.\u00a0 Our downtrend lines above are also getting wider, meaning the Aussie has some nice room to the topside should fundamentals and psychological work in the currency\u2019s favor.\u00a0 Investors will also receive key data releases from the UK and U.S. tomorrow and all eyes will be focused on America\u2019s ADP Non-Farm Employment Change figure.\u00a0 Additionally, the BoE and ECB have monetary policy meetings on Thursday, implying that volatility could increases as the trading week progresses.<\/p>\n

Technically speaking, the Aussie has multiple uptrend lines serving as technical cushions along with intraday, 3\/1, and 2\/19 lows.\u00a0 As for the topside, the Aussie has multiple downtrend lines serving as technical barriers along with February highs and the highly psychological .90 level.<\/p>\n

Price: .9033<\/p>\n

Resistances: .9041, .9057, .9074, .9090, .9103, .9119<\/p>\n

Supports: .9025, .9011, .8993, .8981, .8965, .8950<\/p>\n

Psychological: .90, February highs and lows<\/p>\n

\"\"<\/a><\/p>\n

(click to enlarge)<\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong>.<\/a><\/p>\n

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n

Risk Disclosure:<\/strong> There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

The RBA raised its benchmark rate by another 25 basis points today, signaling confidence in the performance of Australia\u2019s economy despite fiscal uncertainties in Europe and liquidity tightening in China.\u00a0 In fact, China just reported a sharp decline in bank lending during the month of February, and it will be interesting to see whether this … <\/p>\n

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