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Indeed RBA leave the interest rates unchanged which are already at historic low point, this is no surprise as that is the reason why they have been talking down the aussie and making a lot of verbal interventions. Remember that last year RBA's Stevens said that Australia needs AUD/USD closer to an 0.8500 exchange rate. Basically this was an aggressive verbal intervention from RBA governor who said that lower aussie is preferable to rates to help the economy.
The only reason why he wants lower aussie is so he doesn't need to lower rates again, which are already at historic low point. My personal opinion is that RBA maybe worried that aussie will get to strong with global growth this year.
It turn out that at today's meeting RBA was more hawkish than expected as this was the first time since RBA changed the rhetoric to a more neutral stance as the message was that they won't touch interest rates for a while as they are comfortable with the current drop in aussie.
- Figure 1. AUD/USD 1h chart. Price reaction to RBA statement and no cut in rates.
That's a big shift in rhetoric is the reason why the aussie selling pressure stopped and we saw a rally(see Figure 1). If we look on the technicals they aligned perfectly with the fundamentals as we can see that price was bouncing from an important zone where price acted as both resistance and support zone. In my live account I was long from 0.8760 and I'm already 120 pips in profits, but we're still in a range zone, so I may take my profits off the table if we can't broke above 0.8900
Best Regards,
Daytrader21.
