Following the conclusion of the RBA’s monetary policy meeting, RBA Governor P. Lowe presented a monetary policy statement that confirmed that the central bank has no plans to raise the rate until actual inflation settles on a sustainable 2-3% target range, and the regulator does not think it can happen before 2024:The central GDP scenario has been revised upward to 4.75% for 2021 and 3.5% for 2022;The unemployment rate will continue to decline to about 5% by the end of the year and 4.5% by the end of 20222;The RBA will consider the fate of the 3-year bond yield target at its July meeting – possibly selecting assets with maturities other than April 2024.
The Analysis:
Provided that the currency pair is traded above 0.7710, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 0.7735
- Take Profit 1: 0.7750
- Take Profit 2: 0.7770
Alternative scenario:
In case of breakdown of the level 0.7710, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 0.7710
- Take Profit 1: 0.7695
- Take Profit 2: 0.7675
AUD/USD Intraday: the upside prevails.
Pivot:
0.7710
Our preference:
Long positions above 0.7710 with targets at 0.7750 & 0.7770 in extension.
Alternative scenario:
Below 0.7710 look for further downside with 0.7695 & 0.7675 as targets.
Comment:
The RSI shows upside momentum.
Categories :
Tags : AUDUSD Daily Analysis AUDUSD pair
