AUD/USD capped by 0.9200

The selling bias seems to have abandoned the Aussie dollar on Tuesday, with the AUD/USD extending the recovery although the area around 0.9200 remains yet elusive.

AUD/USD bolstered by RBA

The pair found the much-needed oxygen in the speech by RBA Deputy Governor Philip Lowe last night, where he removed some pressure from the recent comments regarding the likeliness of an intervention in order to keep the AUD weak. Annette Beacher, Strategist at TD Securities, commented, “RBA Deputy Governor Lowe’s speech in Sydney on productivity, drivers and trends covered familiar ground, focusing on the need to lift productivity growth as Australia adjusts to a decline in terms of trade in future. Price action kicked in during the Q&A when he said that the ‘threshold for intervention is fairly high’ although he did not rule it in or out”. The next big event in Australia will be the Private Capital Expenditure during Q3, on Thursday.

AUD/USD levels to watch

As of writing the pair is up 0.32% at 0.9192 and a surpass of 0.9249 (high Nov.22) would aim for 0.9300 (psychological level) and then 0.9335 (high Nov.21). On the flip side, the initial support aligns at 0.9120 (low Nov.25) followed by 0.9115 (lower channel support) and finally 0.9038 (low Sep.4).

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