FxWirePro: Aussie plunges to 1-week trough following RBA policy meeting minutes
The Australian dollar plunged to a 1-week low following the release of the last Reserve Bank of Australia policy meeting minutes. Minutes from the RBA's first meeting of the year showed policymakers discussed easing poli…
The Australian dollar plunged to a 1-week low following the release of the last Reserve Bank of Australia policy meeting minutes.
Minutes from the RBA's first meeting of the year showed policymakers discussed easing policy as they considered the virus a material threat to the economies of China and Australia.
The RBA kept rates unchanged at an all-time low of 0.75 percent at that meeting, but the central bankers are prepared to ease policy further if needed.
The Aussie was trading 0.5 percent down at 0.6680, having hit a low of 0.6778 earlier, its lowest since Feb. 10.
Investors now await the Federal Open Market Committee (FOMC) Meeting Minutes.
Technical indicators are bearish: RSI weak at 34, Stochs are biased lower and MACD supports downside.
Immediate resistance is located at 0.6729, a break above could take it near 0.6753 (21-EMA).
On the downside, support is seen at 0.6670, a break below could drag it till 0.6652.
