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Forex Flash: AUD/USD to watch out for 1.0362 and 1.0350 - Commerzbank

The Australian Dollar is under-performing broadly following the overnight RBA decision of leaving policy on hold, as expected, as the clear dovish bias of the accompanying statement leaves the door  open to lower rates.

"Last week’s AUDUSD low at 1.0362 is the level to watch on the downside, and the 1.0350 area could be sticky as well, but a decisive move below there would open up the pair to a more substantial drop", wrote analyst Richard Kelly.

Cross trades look potentially interesting from the CAD’s perspective given USD/CAD’s inability to break significantly away from the par zone at this point. The AUD/CAD, that has been trading close to multi-year highs, with 1.06 clearly the “flame out” zone for the rallies over the last few years, may slip back to the recent range low at 1.0270 over the next few days, for now.

American equity markets bounce back Tuesday

The US Stock market experienced a positive opening Tuesday after yesterday stark pullback that left all indices trading in the red. In the United States, the Redbook Index (YoY) reported a growth of +1.5% in January 27, relative to +1.6% previously. Moreover, the Redbook Index (MoM) contracted -0.6%, from -0.5% previously.
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