Today’s Asian session has been good to the AUD/USD pair so far after the release of the minutes of the Reserve Bank of Australia’s (RBA) meeting. The minutes indicated that there is a better outlook for the Australian economy in general, albeit with the exception of the mining industry. In addition, the cash rates are expected to remain at 2.5% foreseeable future, although analysts expect the first rate hike to happen sometime during the second half of 2015. There was also mention about the high value of the aussie, but the tone wasn’t as strong as in previous comments made by RBA Governor Glenn Stevens.
The news naturally helped boost the AUD/USD pair today, which initially peaked near the 0.9110 area around the time of the event. It fell shortly to the 0.9070 area after the initial rush waned, but it continues to climb back up at the moment. It is currently trading at 0.9085, with initial resistance seen at 0.9144, followed by 0.9167. Meanwhile, initial support is at 0.9044, followed by 0.9021.
The AUD/JPY pair also benefited from the news, as it also peaked at 92.80 around the time of the release of the RBA minutes. It went through a similar dip soon after, but it is making a steady climb back to the 92.50 area. It is currently trading at 92.49, with initial resistance seen at 93.25, followed by 93.48. Meanwhile, initial support is at 91.82, followed by 91.59.
Also in the Pacific, the USD/JPY pair continues to struggle to return to the 102.00 after dropping from 103.50 at the beginning of the month. However, it reached a 2-day high at the opening of the Asian session, before dropping to the 101.70 zone. It is currently trading at 101.80, with initial resistance seen at 102.15, followed by 102.40. Meanwhile, initial support is at 101.51, followed by 101.26.
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