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It's been almost two years since RBA last adjusted its cash rate. The rate remains at 1.50% after today's meeting and probably will for some time to come. Their outlook hasn't changed much. They're still expecting wages and inflation to pick up. Main risks being international trade wars, (lack of) domestic household consumption and debt levels. AUD/USD is up about 50 pips since the release, after not-so-dovish message by the bank.
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Aussie unimpressed as RBA remains neutral
At today's meeting, RBA decided to keep the cash rate on the record low of 1.5%. The accompanying statement is similar to the previous one, highlighting both upside and downside risks. The paragraph on the Australian dollar is unchanged.
The reaction was to sell Aussie on lack of any clear hawkish signal but, since the statement didn't deteriorate, selling didn't extend much lower. Area between 100 DMA and 0.78 held and European traders took AUD/USD back above the big figure. 0.7825 - 0.785 is t…
The reaction was to sell Aussie on lack of any clear hawkish signal but, since the statement didn't deteriorate, selling didn't extend much lower. Area between 100 DMA and 0.78 held and European traders took AUD/USD back above the big figure. 0.7825 - 0.785 is t…
NZD/USD to continue floating
Monthly chart:
In January, the pair has busted 100 month SMA, 38.2% retracement of 2009 to 2011 uptrend and the low of the 2011 - 2014 trading range around 0.7350. February and March were more or less range-bound. Support is now firmly established at 0.7175 with more at 0.70 level and 50.0% retracement (of 2009 to 2011 uptrend) at 0.6868. March candle signals indecision and direction is not clear at the moment.
Weekly chart:
The pair mostly traded in 0.7175 - 0.7600 range in February and March.…
In January, the pair has busted 100 month SMA, 38.2% retracement of 2009 to 2011 uptrend and the low of the 2011 - 2014 trading range around 0.7350. February and March were more or less range-bound. Support is now firmly established at 0.7175 with more at 0.70 level and 50.0% retracement (of 2009 to 2011 uptrend) at 0.6868. March candle signals indecision and direction is not clear at the moment.
Weekly chart:
The pair mostly traded in 0.7175 - 0.7600 range in February and March.…