Global macro overview for 31/08/2015:
It is going to be a quite interesting week in the forex market as there is plenty of fundamental data to be released this week, including the cash rate decision of the Reserve Bank of Australia (RBA) and meeting statement that are scheduled for release at 4:30 GMT on Tuesday. The market expects the RBA to hold the rate on the current level of 2%, but traders remain bearish on AUD/USD although it managed to bounce from the daily lows. Please notice that an additional catalyst for AUD/USD sell-offs might come from the Chinese PMI manufacturing data, which is due at 1:00GMT. Fifures for the PMI are expected to be slightly weaker than the recent reading (49.8 vs. 50.0).
From the technical point of view, the most important resistance for bulls remains at the level of 0.7234 any only a breakout and daily close higher might slightly change the bearish outlook for this pair.
The material has been provided by InstaForex Company – www.instaforex.com