Forex: Aussie Dollar drops on interest rate cut. AUD/USD trades under 1.0200
By CountingPips.com
The Australian dollar has declined sharply today in Forex trading against the US dollar as the reserve Bank of Australia decreased its benchmark interest rate overnight. The rate reduction was by 25 basis points and brought the interest rate to a record low standing of 2.75 percent.
The AUD/USD promptly dropped for a second consecutive day and to lowest level since March 4th under the 1.0200 exchange rate threshold. A close below 1.0194 in the Aussie/US dollar pair would mark the lowest closing level since October 2012.
The outlook for the this pair sees a resistance level at the major level of 1.0200 (previous support) while downside targets and support can be found at the 1.0150 level and the 1.0100 exchange rate further down the line. The major level of the 1.0000 looms about 150 pips away should we continue lower.
Written by Zac Storella, CountingPips Forex Blog & Currency Research
The post Forex: Aussie Dollar drops on interest rate cut. AUD/USD trades under 1.0200 appeared first on CountingPips Forex News & Currency Trading Blog.
Source: http://countingpips.com/2013/05/forex-aussie-dollar-drops-on-interest-rate-cut-audusd-under-1-0200/
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