Australia’s Cash Rate Decision; Big News, Low Volatility

Australia’s Cash Rate Decision

Australia will publish Cash Rate decision due tomorrow at 0430 GMT/1000 IST. Market is anticipating interest rate to remain unchanged at 0.25 pct. In addition, RBA’s rate statement 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:

August 04

July 07

NOTE: As Interest rate decision is high impact news but captures less movement against AUD counterparts. Only if RBA changes interest rate or introduce any other economic policy measures then only expecting major volatility In AUD. Important to mark here that AUD is appreciating noticeably against U.S. dollar since March 2020.

Technical View:

AUD/USD: The Aussie rises gradually against U.S. dollar and hits highest level since Dec 2018. The pair made intraday high at $0.7390 and low at $0.7340 marks. On the top side key resistances are seen at $0.7393, $0.7422, $0.7462 and $0.7502 mark respectively. On the other hand, a consistent close below $0.7364 will take the parity down towards key supports around $0.7290, $0.7257, $0.7190, $0.7158, $0.7123, $0.7082, $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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