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5 May 2015

EUR/AUD falls to 1.4070

FXStreet (Mumbai) - The EUR/AUD fell to a fresh session low of 1.4070 after the Reserve Bank of Australia (RBA) cut interest rates by 25 basis points to 2%.

AUD rebounds, but will it sustain?

The Australian dollar rebounded as the markets had already priced-in a 25 basis point rate cut. The EUR/AUD popped to 1.4282 for a brief moment, before falling to 1.4079 levels. However, it remains to be seen if the AUD manages to sustain the gains, since the RBA has expressly stated that a further fall in AUD seems likely and necessary.

Ahead in the day, the pair could be influenced by the latest round of economic forecasts by the European Commission.

EUR/AUD Technical Levels

The immediate support is seen at 1.4050, under which the pair could extend the drop to 1.3986 (50-DMA). On the flip side, a break above 1.4105 (hourly 100-MA) and 1.4200.

May 5, 2015

USD/JPY resistance at 120.60 may continue to cap – OCBC

Emmanuel Ng, FX Strategist at OCBC Bank, believes that USD/JPY might remain in a 119.82-120.60 range for today.

RBA cuts rates to record lows, more easing ahead – Capital Economics

Paul Dales Chief Australia & NZ Economist at Capital Economics, explains that RBA has scope for further cut rates to 1.5% by December, with the Australian central bank cutting rates to a new record low of 2.00% in today’s monetary policy meeting.