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SpanishAussie Turns Slightly Lower Ahead of RBA’s Cash Rate Decision, 25+ PIP Movement Expected in AUD Parity; Nov 30, 2020
Australia’s Cash Rate Decision
Australia will release Interest Rate Decision at 0330 GMT/0900 IST. Short term interest rates are the paramount factor in currency valuation – traders look at most other indicators merely to predict how rates will change in the future.
During RBA’s last meet, RBA cut interest rate by 15 basis points to 0.10 pct (previous 0.25 pct). This time markets have expected no changes in the interest rates but the RBA’s Policy Statement will be key priority to predict the future movement of the Australian Dollar.
Let’s see how AUD has reacted during the previous data release:
Nov 03: Rate Cut by 15 Basis Point (From 0.25 pct to 0.10 pct)
Oct 06: Interest Rate kept Unchanged at 0.25 Pct
Technical View:
AUD/USD: The Aussie reverses previous gain against U.S. dollar ahead of RBA’s Interest Rate Decision due tomorrow. The pair made intraday high at $0.7407 and low at $0.7369 marks. On the top side key resistances are seen at $0.7424, $0.7456, $0.7476 and $0.7520 mark respectively. On the other hand, a consistent close below $0.7357 will take the parity down towards key supports around $0.7298, $0.7270, $0.7220, $0.7190, $0.7170, $0.7122, $0.7090 and $0.7052 mark respectively.
Take a look and do trade wisely!
Good Luck
