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FxWirePro: Aussie rises in early Asia after RBA’s monetary policy statements

AUD/NZD is currently trading around 1.0716 marks. Pair made intraday high at 1.0718 and low at 1.0687 marks. Intraday bias remains slightly bullish till the time pair holds key support at 1.0665 mark. A sustained close a…

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FxWirePro: Aussie rises in early Asia after RBA’s monetary policy statements
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  • AUD/NZD is currently trading around 1.0716 marks.
     
  • Pair made intraday high at 1.0718 and low at 1.0687 marks.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at 1.0665 mark.
     
  • A sustained close above 1.0710 will drag the parity higher towards key resistances at 1.0757/1.0802/1.0945/1.1072 levels respectively.
     
  • Alternatively, a daily close below 1.0692 will take the parity down towards key supports around 1.0624/1.0572/1.0506/1.0443/1.0380/1.0305 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
     
  • Australia's S&p/ASX 200 index up 0.04 pct at 6,100.80 points in early trade.
     
  • RBA quarterly statement - Board sees no strong case for near-term move in cash rate.
     
  • RBA - A "significant" appreciation in the A$ would dampen growth and inflation.
     
  • RBA - Unemployment forecast at 5.5 pct end 2018 (from 5.25 pct), 5.25 pct out to mid-2020.
     
  • RBA - Business conditions "very positive", sees further solid growth in non-mining investment.
     
  • RBA - GDP growth forecast at 3.25 pct Dec 2018 and Dec 2019, 3 pct by mid-2020.
     
  • RBA - Underlying inflation forecast at 2 pct Dec 2018 to dec 2019, rising to 2.25 pct by mid-2020.

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Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560