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Aussie Dollar Focus - RBA Leaves Rates Unchanged

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The RBA has left Interest Rates Unchanged - What's next for AUDUSD?

As expected the RBA has kept rates on hold and comments after the announcement did little to excite the market. So direction is probably going to be dominated by a combination of risk and big dollar moves over the next few sessions.

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The Week Ahead

The AUD/USD jumped just over 72 cents on the announcement but has drifted off since and with Asian stocks not driving higher to the same extent as US markets last night we may see it move lower, especially if there is some more volatility coming courtesy of the man in the White House later today…… and who would bet against that! Also, Fed Chair Jerome Powell is set to speak in the US day and this could move the greenback significantly if there is any change of view or outlook.

Technical Levels

The Hourly Chart
Initial short-term topside resistance is coming in at today’s high at 0.7210 which also coincides with 50% of all of Septembers, with further trendline resistance now coming in around 0.7265. On the downside, short term trendline support currently sits near 0.7175 and a break here opens the way for a move back towards 0.7090. Further down, last months low at 0.7004 is sitting just above the key psych level of 70 cents and there should be some good liquidity down there initially.

The Daily Chart
The longer-term chart still sees the Aussie in the up trend with initial trend line support coming in around 0.7075, those aforementioned September lows around 70 cents provide more support lower down. Further south there should be support near the June lows around 0.6780 which now also coincides with the 200-day moving average. Topside, the longer term trend line shows resistance near 0.7385 still relatively close to the multi-year highs at 0.7412.

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