
Last night
(European time) the Aussie dollar eventually broke through the support level we
recognised last Friday (http://omicronforex.blogspot.ie/2013/07/what-was-aussie-minor-support-just-got.html).
The catalyst was a speech by the governor of the Reserve Bank of Australia , Glenn Stevens, who said that inflation
projections in Australia
may leave room for further easing, which means a further reduction in the
Australian dollar official interest rate, or the cash rate. This was predicted
by Omicron Forex last Friday.
A rate cut is now expected next week.
Now all that remains is the support level that has formed on
the daily chart, here:
While at the same time, as mentioned yesterday, all eyes
will be on the ADP payrolls report in the USA tomorrow (Wednesday). A strong
figure here will be seen to presage a good official figure from the U.S. Statistics
Bureau in the Non-Farm payrolls report on Friday. This will tend to strengthen
the U.S. dollar, putting further pressure to the downside on the AUDUSD pair.
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