FxWirePro: Aussie slightly lower against major peers ahead of RBA interest rate decision
AUD/NZD is currently trading around 1.0499 marks. Pair made intraday high at 1.0511 and low at 1.0486 marks. Intraday bias remains bearish till the time pair holds key resistance at 1.0592 levels. On the top side, a sust…
Pair made intraday high at 1.0511 and low at 1.0486 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1.0592 levels.
On the top side, a sustained close above 1.0623 will drag the parity higher towards 1.0727/1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively.
Alternatively, a sustained break below 1.0450 mark will take the parity down towards key supports around 1.0420, 1.0315(May 05, 2015 low), 1.0261 and 1.0109 marks respectively.
Important to note here that in a daily chart, 20D, 30D and 55D EMA heads down and confirms the bearish trend.
Australia will release building approval and trade balance data at 0130 GMT; RBA monetary policy statement at 0430 GMT. Markets are pricing in a strong chance that the RBA will make history by cutting the cash rate to a record-low 1.5%.
