Australia’s Interest Rate Decision

Australia Interest Rate Decision
Reserve Bank of Australia is going to release cash rate decision on Aug 04, 2020 around 0430 GMT/1000 IST. Ahead of this major event, Australia will also release trade balance as well as retail sales data around 0130 GMT/0700 IST. Markets anticipate stable cash rate at 0.25 pct but eagerly waiting for the monetary policy statement.

RBA statement issued during the previous meeting (July 07, 2020):
“The Board is committed to do what it can to support jobs, incomes and businesses and to make sure that Australia is well placed for the recovery. Its actions are keeping funding costs low and supporting the supply of credit to households and businesses. This accommodative approach will be maintained as long as it is required. The Board will not increase the cash rate target until progress is being made towards full employment and it is confident that inflation will be sustainably within the 2–3 per cent target band.”
Since July 07, Australian dollar has strengthened noticeably against U.S. dollar and touched $0.7227 mark. That is highest level since Feb 2019. In fact, it would be better to say that since March 2020, Australia dollar is rising gradually against U.S. dollar.

Let’s see how AUD has reacted during previous data release:

NOTE: Such highly important event has not given extreme movement as expected.

Technical Analysis:
AUD/USD: The Aussie trades marginally lower ahead of RBA’s cash rate decision. The pair made intraday high at $0.7149 and low at $0.7076 marks. On the top side key resistances are seen at $0.7150, $0.7193, $0.7247, $0.7286 and $0.7344 mark respectively. On the other hand, a consistent close below $0.7100 will take the parity down towards key supports around $0.7063, $0.7040, $0.6969, $0.6922, $0.6861, $0.6833 and $0.6799 mark respectively.

Take a look and do trade wisely!
Good Luck

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