AUD/USD pares its loss after RBA rate cut,good to buy at decline
AUD/USD has made a low of 0.77845 after RBA cuts interest rate by 25bpbs. It has bounced back till 0.79166 and is currently trading at 0.7903.
RBA said that “Further easing of policy may be appropriate over the period ahead, in order to foster sustainable growth in demand and inflation consistent with the target”. This shows that RBA will keep the interest rate on hold for the foreseeable future.
Technically AUD/USD has broken short term resistance around 0.7850 (200 day 15 min MA) and this confirms intraday bullishness, a jump till 0.7960 is possible.
Intraday weakness can be seen only below 0.7845.
It is good to buy on declines around 0.78850 for the target of 0.7960/0.8000 with stop around 0.7845.
RBA said that “Further easing of policy may be appropriate over the period ahead, in order to foster sustainable growth in demand and inflation consistent with the target”. This shows that RBA will keep the interest rate on hold for the foreseeable future.
Technically AUD/USD has broken short term resistance around 0.7850 (200 day 15 min MA) and this confirms intraday bullishness, a jump till 0.7960 is possible.
Intraday weakness can be seen only below 0.7845.
It is good to buy on declines around 0.78850 for the target of 0.7960/0.8000 with stop around 0.7845.
