Aussie Bears Battling .8353

Overnight the Reserve Bank of Australia left interest rates unchangedand issued a somewhat hawkish comment which helped weaken the AUD USD.

Daily Analysis

AUD USD

Overnight the Reserve Bank of Australia left interest rates unchanged and issued a somewhat hawkish comment which helped weaken the AUD USD.

Technical and fundamental factors are helping this pair rally during the New York session.  Two 50% retracement levels at .8354 and .8353 are providing the support.  The catalyst for today’s intraday rally was the better than expected U.S. ISM Report. 

This report triggered a rally in U.S. equity markets which helped increase demand for higher yielding currencies.