Aussie lower in an uneventful Tuesday's session

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Tuesday, May 26 2015

There were no data releases from Australia this morning, however Aussie was pushed lower, below 0.78 handle. What currently has some influence on the markets, after Memorial Day on Monday, and overall lack of volatility are oil prices. Crude oil prices were broadly unchanged in early trading on Tuesday, as firm demand supported and ample supply dragged, but analysts said there were signs that a recent rally was running out of steam.

Analysts said that big price spikes away from current levels were unlikely. "Crude oil markets were supported by a reported decline in U.S. production and crude oil inventories last week but prices failed to re-test the highs set earlier in the month," ANZ bank said in a note on Tuesday. What this means is that we could be seeing further decline in Aussie, with iron ore and gold prices offering no support.

Aussie is currently being traded few points above 0.7780 level. Pair is likely to find support around 0.7750 area and resistance above 0.7840 level. Later today, in the US session, Durable Goods Orders, CB Consumer Confidence and New Home Sales figures are scheduled for a release.

More in this category: « Euro below 1.10 handle Greece cannot adopt further austerity measures »

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