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- RBA Board decided to leave the cash rate unchanged at 1.75 percent, as widely expected.
- In a statement released RBA Governor Glenn Stevens said that financial markets have been volatile as investors have re-priced assets after the UK referendum.
- The board noted that inflation is quite low and would remain that way for some time. It said that a rising A$ could complicate economic rebalancing.
- RBA says overall growth in Australia is continuing, labour market data mixed but still consistent with jobs growth.
- AUD/USD saw a knee-jerk spike post-RBA decision, but the spike was quickly faded and the pair is currently hovering around the 0.75 handle.
- Weak set of economic data released earlier on the day and election outcome likely to add to the downward pressure on the major. Next in focus remains the US factory orders data later in the NY session.
- Break below 0.75 could drag the pair to 0.7440 (20-DMA), break below could then see test of 0.7350 (trendline). On the upside break above 0.7545 could see gains upto 0.7575
Recommendation: Good to go short on break below 0.75, SL: 0.7550, TP: 0.7446/ 0.74
