The AUD/USD pair began the week on a positive note, opening the Asian session at 0.9384. It then quickly tested the 0.9400 zone yet again, peaking at 0.9409. However, it was unable to sustain the level as it landed around the 0.9387 area.
While today may be a quiet day for the pair, expect a lot of volatility from it as the week progresses. For one, there’s the there’s the minutes of the RBA’s most recent meeting, which will be released tomorrow at 1:30AM GMT. Then there’s the US CPI data which will also be released tomorrow at 12:30PM GMT, and then China’s GDP data which is set to be released on Wednesday.
With the minutes of the meeting, traders will be on the look out for the members’ sentiments on the cash rate and the value of the aussie. The market largely expects the cash rate to remain at 2.5% in the foreseeable future, in line with what RBA Governor Glenn Stevens said in the last monetary policy statement. Meanwhile, any indicator of a strongly negative outlook on the value of the aussie might send the AUD/USD pair plummeting again.
The AUD/USD pair is currently trading at 0.9393, with initial resistance seen at 0.9412, followed by 0.9436. Meanwhile, initial support is at 0.9345, followed by 0.9322.
Also in today’s Asian trading, the USD/JPY pair traded slightly higher than the 101.45 opening of the Asian session. It has so far peaked at 101.60, but has since traded within a very tight range between 101.50 and 101.60. It is currently trading at 101.57, with initial resistance seen at 102.02, followed by 102.27. Meanwhile, initial support is at 101.46, followed by 101.20.
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