AUD/USD stepping off the gas on 0.70 handle

By FXStreet FXStreet (Guatemala) – AUD/USD has has dropped back from the highs and momentum is picking up on the offer below the 200 hourly SMA.

AUD/USD’s 200 hourly SMA stands at 0.7027 and the pair was rejected at the 200 DMA forcing the unit on to the backfoot while Wall Street starts to turn negative a breaks the fashion of overnight bourses that were all opening and closing on the up in a bull market. Commodities have also slipped with oil trading back below the 200 SMA and dropping over $1.50bbl and Gold has dropped $8.00oz. Meanwhile we await the jobs data tonight as the big one for the Aussie this week ahead of the FOMC over the 16th and 17th of this month.

RBA in no rush

Overnight, RBA’s Deputy Governor Philip Lowe spoke at the CEDA conference in Melbourne. Analysts at TD Securities explained the details, “There was no hint from the speech that the RBA would entertain a rushed rate cut. He continued to deliver the RBA’s message that it is more or less comfortable with the levels of the AUD, again refraining from jawboning the currency lower, he downplayed concerns over China and the soft Q2 GDP …read more

Source:: FX Street