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AUD/USD chart - Trading View
- AUD/USD jumped 25 pips after RBA's interest rate decision, but immediately reversed gains.
- The Reserve Bank of Australia (RBA) held its monetary policy unchanged with an official cash rate of 1.5%.
- The Aussie edged higher as a response, but immediately reversed gains possibly in response to RBA's change in language on the labor market and its impact on wage growth.
- The RBA said the continued improvement in the labor market "is expected" to lift wages over time (prior meeting "a sustained labor market strength "should" lift wages".
- The bank also said that downside risks arising from the external sector have increased and took note of the slowdown in household spending.
- The pair could extend the decline ahead of the pre-election budget (due later today), which is expected to include tax cuts and cash handouts.
- Major trend in the pair is bearish. Break below 20-DMA (0.7083) will see resumption of weakness.
Support levels - 0.7083 (20-DMA), 0.7054, 0.70
Resistance levels - 0.7096 (21-EMA), 0.7115 (55-EMA), 0.7153 (110-EMA)
Recommendation: Stay short below 20-DMA, target 0.70
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
