Australia’s Monetary Policy Meeting Minutes Due on Oct 20, May Capture 25+ PIP Movement
Reserve Bank of Australia Monetary Policy Meeting Minutes
RBA will release monetary policy meeting minutes on Oct 20 at 0030 GMT/0600 IST. It’s a detailed record of the RBA Reserve Bank Board’s most recent meeting (Oct 6), providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates. During RBA’s last Board Meeting which was held on Oct 6, RBA kept interest rate steady at 0.25 pct but signals a move for the upcoming Board meeting. After that RBA’s rate statement, Aussie fell drastically against major peers but managed to recover also. Now markets focus on the detailed meeting minutes for the further directions of the Australia dollar.
Let’s see how AUD has reacted during the previous data release:
AUD/USD: The Aussie starts a new week on a positive note and hovers around $0.71 mark. The pair made intraday high at $0.7114 and low at $0.7071 marks. On the top side key resistances are seen at $0.7122, $0.7190, $0.7222, $0.7240, $0.7290, $0.7340, $0.7370, $0.7422, $0.7462 and $0.7502 mark respectively. On the other hand, a consistent close below $0.7070 will take the parity down towards key supports around $0.7056, $0.7002, $0.6969, $0.6922, $0.6861, $0.6833 and $0.6799 mark respectively.
Take a look and do trade wisely!