FX News - Mar 26 2014: Focus on AUD During Asian Session

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The focus in today’s Asian session will be on the speech to be given by Reserve Bank of Australia (RBA) Governor Glenn Stevens at 3:30 AM GMT. Later today at 6:00 AM GMT, he will then join a panel discussion. These are expected to introduce a lot of volatility in the aussie, particularly in the AUD/USD pair. Any negative statement by the Governor regarding the value of the aussie would surely bring down its value after spending a few days at 2014 highs. The latest monetary statement, however, wasn’t as hard on the currency, which helped boost it to its current levels. Already it is getting closer and closer to the 0.92 area.

Yesterday, RBA Deputy Governor Philip Lowe also gave a statement, but was largely a non-event since he didn’t provide any crucial ones regarding the Australian economy and currency. Already the pair has made a massive spike from today’s opening at 0.9161 to the current 0.9182. Initial resistance for the pair is at 0.9200, followed by 0.9223. Meanwhile, initial support is at 0.9142, followed by 0.9119.

The same is currently true for the AUD/JPY pair, which has seen a sharp rise over the past few minutes. The pair opened at a decent 93.72, but has since moved up to its current level at 93.90. Initial resistance for the pair is at 94.11, followed by 94.35. Meanwhile, initial support is at 93.47, followed by 93.24.

The aussie also displayed significant strength against the Canadian dollar in today’s Asian session. After opening at 1.0230 and bottoming out at 1.0217, it shot up to its current level and today’s high at 1.0243. Initial resistance for the pair is currently at 1.0268, followed by 1.0294. Meanwhile, initial support is at 1.0224, followed by 1.0198.

By FX Strategy Team, Published on 26th of March 2014
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