Australia’s Cash Rate Decision
The key event for the day will be Australia RBA’s Cash Rate decision scheduled at 0430 GMT/1000 IST. Monetary Statement is among the primary tools the RBA Reserve Bank Board uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.
Let’s see how AUD has reacted during the previous data release:
- The Aussie remains marginally higher ahead of RBA’s Interest Rate Decision and stabilizes above $0.7350 mark.
- It made intraday high at $0.7371 and low at $0.7357 mark.
- A day chart is down while H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $0.7378 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $0.7350 will check further supports.
Take a look and do trade wisely!