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The ‘shackles are off’ AUDUSD
The RBA cut interest rates to 2.25 percent unexpectedly on Tuesday in an attempt to devalue the Australian dollar to USD 0.75. Steve Lucas from 3c Analysis notes that levels got close to the central bank’s target hitting a low of USD 0.7626 on Tuesday. The currency has since experienced a slight rally, providing an opportunity for those interested in shorting the currency pair.
RBA treasurer, Joe Hockey said that the rate cut is “good news for Australian families and it’s good news for Australian business.” Strong performance in base metals such as copper and gold are also likely to support AUD as well according to Steve. The move in commodity prices prompted Hockey to claim that the “the shackles are off the Australian economy, especially due to low oil prices.
Steve is looking for a temporary move higher and is planning to buy at the market open and again at USD 0.7805. He is targeting a move to USD 0.7950 and last week’s high of USD 0.8027. A stop can be placed at USD 0.7739.
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01:36 minutes
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