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Aussie still in a downtrend

Monday, Jan 26 2015
Aussie continues its downtrend and is now stable below 0.80 handle with a possibility of further decline all the way to 0.75 cents per USD in the next several weeks, what is the level RBA was opting for some time know. Also, there is a lot of speculation that the Reserve Bank of Australia will need to cut interest rates to a new record low from the present 2.5% where the central bank’s policy-setting board has held rates since August 2013. Australia has been struggling with the slowdown in China's economic growth, which buys more than 35% of its exports.
 
On the other hand USD could strengthen further as analysts are anticipating interest rate hike quite soon, with eyes on FOMC Meeting this week. Labour market conditions have been showing signs of constant improvement in the past few months, while GDP has grown by 5.0% in the third quarter.
 
Aussie is currently being traded few points above 0.79 handle. Pair is likely to find support around 0.7850 and resistance above 0.7950 area. We can expect a steadier rest of the session with no data releases from USA.
 
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