Australian Dollar (AUD) Casualty After US Fed’s Inaction
$AUDUSD
The Australian Dollar was lower after last week’s decision of the US Federal Reserve not to raise the fed funds rate.
International analysts believe that was as a bad sign for the US economy, and the Australian dollar was a casualty.
The currency unit was trading at 71.85 US cents Monday, down from 72.28 US cents Friday.
The Australian Dollar’s rally to 3 week highs last week stalled because many traders sold off the currency in order to take profits, local analysts said Monday.
GBP/AUD (Daily)
Since May Bulls took control in this minor currency pair.
The price touched the lower channel last week, this situation opens interesting trading ideas for both market participants.
A sustainable break through to one of these important price levels is possibly required. Strong pullbacks should be considered by short-sellers.
| Support Levels around | Resistance Levels around |
| 2.13504 | 2.21076 |
| 2.08586 | 2.23964 |
Stay tuned…
HeffX-LTN
Paul Ebeling
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