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16 Mar 2020

AUD/USD Asia Price Forecast: Aussie trading in 12-year lows ahead of RBA Minutes

  • AUD/USD is under selling pressure as the US dollar remains strong.
  • The level to beat for bears is the 0.6100 support.
  • Reserve Bank of Australia (RBA) Meeting Minutes to be released at 00:30 GMT this Tuesday. 
 
 

AUD/USD daily chart

 
 
The aussie remains extremely vulnerable near 12-year lows while trading well below its main daily simple moving averages (SMAs). The Reserve Bank of Australia (RBA) Meeting Minutes will be released at 00:30 GMT this Tuesday. 
 
 
 

AUD/USD four-hour chart

 
 
AUD/USD is under strong selling pressure below the 0.6200 figure and the main SMAs. Bears are in control as DXY remains supported despite the 100bps rate cut by the Fed. Sellers would want to break below the 0.6100 level followed by the 0.6030 and 0.5950 levels on the way down, according to the Technical Confluences Indicator. On the flip side, resistance can be seen near the 0.6135, 0.6153 and the 0.6172 levels. 
 
 
Resistance: 0.6135, 0.6153, 0.6172
Support: 0.6100, 0.6030, 0.5950
 

Additional key levels

 

Mar 16, 2020

New Zealand Westpac Consumer Survey dipped from previous 109.9 to 104.2 in 1Q

New Zealand Westpac Consumer Survey dipped from previous 109.9 to 104.2 in 1Q
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Mar 16, 2020

NZD/USD: Under pressure below 0.6050 following New Zealand data

NZD/USD extends the recent pullback from Monday’s peak of 0.6130 while taking rounds to 0.6040 at the start of Tuesday’s Asian session.
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