The RBA's decision which usually comes on the first Tuesday of each month has been followed by statement from RBA's Chief Governor Glenn Stevens saying that the global economy is continuing to grow but at slightly slower pace than earlier expected causing pressure on commodities and energy prices making it appropriate for monetary policy to continue to be accommodative.
His comments left the door opened for more easing steps to be taken and did not also give higher appreciation of the inflation which rose by 1.7% yearly in the fourth quarter of last year saying that was partly caused by declining prices for oil and some utilities, but underlying measures of inflation are also low at about 2%, with growth in labor costs continuing to be quite subdued as well, and inflation restrained elsewhere in the world, consumer price inflation is likely to remain low over the next year or two.
AUDUSD could rise in the beginning of today Asian session supported by the improvement in the Chinese equities market to be traded near 0.7120 but it came under pressure to fall to 0.7081, after the RBA's decision to maintain the interest rate unchanged as it has been since last May. 5 at 2%.
AUDUSD daily Parabolic SAR (step 0.02, maximum 0.2) is now its ninth day of being below the trading rate reading today 0.6934.
AUDUSD daily RSI-14 is referring now to existence in its neutral area reading now 51.261 and also its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having its main line now in the neutral region but close to the overbought area above 80 reading now 73.936 and also its signal line which is referring to 76.697, after failing to get over 0.7139
Important levels: Daily SMA50 @ 0.7141, Daily SMA100 @ 0.7145 and Daily SMA200 @ 0.7333
S&R:
S1: 0.7040
S2: 0.6916
S3: 0.6825
R1: 0.7139
R2: 0.7212
R3: 0.7359
Have a good day
Walid Salah El din
Chief Tech Analyst of Trade-24
His comments left the door opened for more easing steps to be taken and did not also give higher appreciation of the inflation which rose by 1.7% yearly in the fourth quarter of last year saying that was partly caused by declining prices for oil and some utilities, but underlying measures of inflation are also low at about 2%, with growth in labor costs continuing to be quite subdued as well, and inflation restrained elsewhere in the world, consumer price inflation is likely to remain low over the next year or two.
AUDUSD could rise in the beginning of today Asian session supported by the improvement in the Chinese equities market to be traded near 0.7120 but it came under pressure to fall to 0.7081, after the RBA's decision to maintain the interest rate unchanged as it has been since last May. 5 at 2%.
AUDUSD daily Parabolic SAR (step 0.02, maximum 0.2) is now its ninth day of being below the trading rate reading today 0.6934.
AUDUSD daily RSI-14 is referring now to existence in its neutral area reading now 51.261 and also its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having its main line now in the neutral region but close to the overbought area above 80 reading now 73.936 and also its signal line which is referring to 76.697, after failing to get over 0.7139
Important levels: Daily SMA50 @ 0.7141, Daily SMA100 @ 0.7145 and Daily SMA200 @ 0.7333
S&R:
S1: 0.7040
S2: 0.6916
S3: 0.6825
R1: 0.7139
R2: 0.7212
R3: 0.7359
Have a good day
Walid Salah El din
Chief Tech Analyst of Trade-24
Glenn keeps the door opened for more easing steps
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