Technical Analysis for AUD/USD: May 6, 2016
The anticipation for the US’ nonfarm payrolls blocked the AUD’s slight uptrend on Thursday session, sending it down to slump at 0.73. The current spot exchange is 0.7372. A decline in crude oil prices and the RBA’s statement of monetary policy (SOMP) released today tightened the bears’ grip on the AUD/USD.
After the RBA slashed interest rates to 1.75 percent on Tuesday, its SOMP revealed further cuts on inflation forecasts. From the previous estimate of 2 to 3 percent growth, the RBA lowered its projection for the 2016 to just 1 to 2 percent. The central bank is aiming for a 2 to 3 percent inflation rate by the end of the year.
Forecasts for the next two years’ inflation were also revised down to 1.5 to 2.5 percent from the initial 2 to 3 percent. RBA’s statements indicated another possible rate cut.
The MACD indicator is in a negative location. The first support is at 0.7459 and 0.7422 subsequently. The first resistance is at 0.7522 and 0.7560 subsequently. The price is falling.
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Technical Analysis for GBP/USD: May 6, 2016
The sterling hardly reached the 1.45 level when dismal figures on the UK’s services sector was released. GBP/USD retreated to 1.44 levels and bottomed at 1.4456. The current exchange rate is 1.4496.
The service industry’s purchasing managers index (PMI) slimmed to 52.3 in April from the previous month’s 53.7, recording the softest PMI in three years.
Economists expected a 53.5 growth. Traders are closely watching for the NFP data from the US which will help decide the Fed’s next move on its interest rates.
The first support is at 1.4442 and 1.4403 subsequently while the first resistance is at 1.4494 and 1.4496 subsequently. The MACD indicator is in neutral location. The price is increasing.
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