Aussie looking forward to RBA statement

AUDUSD, Weekly & Daily

The second quarter starts with a busy week and markets are looking ahead to the key meeting between Chinese and U.S. leaders and the future of trade relations. U.S. jobs data at the end of the week and ECB and FOMC minutes will also be mainly in focus. Australia’s calendar also is busy this week, highlighted by the Reserve Bank of Australia’s meeting tomorrow, with RBA expected to hold rates steady at the accommodative 1.50% setting. Governor Lowe provides remarks at the Reserve Bank Board Dinner tomorrow as well. The disappointing retail sales report out of Australia drove AUDUSD to a four-session low at 0.7591. The dollar majors have been mostly steady in early week trade. An FT interview with Trump raised eyebrows as he threatened he would, if necessary, take unilateral action to eliminate the North Korean nuclear threat, though market impact has been limited.

However, with almost all economic data of the day to already released the focus will now be on RBA and its upcoming meeting. Currently AUDUSD trades above the 0.7600 level after this morning’s economic outcomes and its four-session low. In general, pair has been in a down trend for the last two weeks and this is likely to be continued, if AUDUSD stays below 0.7600. Hence in the anticipation of tomorrow’s RBA Rate statement, if the pair manage to break down through the key level of 0.7600 and trades lower than last week’s lower low of 0.7587, then there is a possibility of further weakness. Next support area will be at 0.7550.

 Click here to access the HotForex Economic calendar.

Want to learn to trade and analyse the markets? Join our latest webinar and get analysis and trading ideas combined with better understanding on how markets work.

Click HERE to register the next webinar will start in:

Andria Pichidi

Market Analyst


Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.