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As the market had expected, the Reserve Bank of Australia cut its interest rate from 0.75% to 0.5%. The Australian dollar rallied versus its US counterpart on the news as the decision had been priced in. In addition, the RBA didn’t signal further rate cuts.
On the D1, AUD/USD formed an inside bar on Monday. As long as the pair is staying above the support at 0.6505, it has a chance to rise above 0.6575 (23.6% Fibonacci retracement of the 2020 decline). The targets are at 0.6620 (downtrend resistance line) and 0.6660 (major support of 2019 and now resistance, 38.2% Fibo).
The decline below 0.6500 will reopen the way down to 0.6450.
BUY 0.6580; TP 0.6620; SL 0.6560
On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835).
How does the GBP/USD look like?
USD/JPY has declined from 111.70 and went into consolidation around 107.50.
AUD looks stronger, RBA keeps the rate steady. How positive is the picture?
On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835).
The USD/CAD price has been falling down since March 19. What are the reasons?
