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17 Sep 2013
Flash: AUD/USD, RBA Minutes; Status Quo – TD Securities
FXstreet.com (London) - Research teams at TD Securities noted that the RBA minutes for the September meeting showed little new from the August meeting.
Key Quotes:
“The RBA minutes for the September meeting showed little new from the August meeting despite the fact that the Bank cut rates last month and kept them on hold at the meeting two weeks ago”.
“The soft easing bias remained although there were no additional suggestions that another cut is likely”.
“AUD/USD was little affected and is trading higher on the back of USD selling. The pair is currently testing resistance marked by the 100-day moving average ahead of 0.94—a strong resistance going back to 2009/2010. Considering also the very large (near record level) of net shorts in the speculative market, there is the potential for a short squeeze-exaggerated move higher if these threshold break”.
Key Quotes:
“The RBA minutes for the September meeting showed little new from the August meeting despite the fact that the Bank cut rates last month and kept them on hold at the meeting two weeks ago”.
“The soft easing bias remained although there were no additional suggestions that another cut is likely”.
“AUD/USD was little affected and is trading higher on the back of USD selling. The pair is currently testing resistance marked by the 100-day moving average ahead of 0.94—a strong resistance going back to 2009/2010. Considering also the very large (near record level) of net shorts in the speculative market, there is the potential for a short squeeze-exaggerated move higher if these threshold break”.