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Is Aussie to high?

Monday, Jun 22 2015
There were no major data releases from Australia this morning, with Aussie being pushed higher currently being traded at 0.78 handle. However, RBA member Edwards said earlier today that Australia dollar still too high, which means that we could be seeing drop in the sessions to come. 
 
Commonwealth Bank currency strategist Joseph Capurso said the Australian dollar hadn’t moved much in morning trade, as investors are waiting for a meeting of the Eurozone’s 19 finance ministers in Brussels on Monday. ”They are just holding their breath and waiting to hear news from that later tonight,” Mr Capurso said. 
 
Also, any gains could be offset by decline in iron ore prices.The price of iron ore has edged closer to the $60 a tonne mark as doubts around Chinese demand persist. At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $60.70 a tonne, down 0.3% on its prior close of $60.90 a tonne. It was the commodity’s weakest close since May 26, with falls of over 7.1% coming during the last week of trade.
 
Pair is likely to find support around 0.7750 handle and resistance above 0.7830 area. Later today, in the US session, Existing Home Sales, figures are scheduled for a release.
More in this category: « Sterling ready to test 1.60 handle Existing Home Sales rose more than expected »

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