Are you ready for Australia’s Monetary Policy Statement?

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Are you ready for Australia’s Monetary Policy Statement?

2:30 PM (EST) Update

AUD/USD Daily: Testing Ichimoku’s upper band with a bearish sentiment

Forex Trading idea: Bearish below 0.79 targeting 0.7731

Risk event coming up: Reserve Bank of Australia (RBA) is due to publish their statement on the bank’s view of the economic conditions after Australia cut rate 0.25% earlier this week. Less hawkish than expected tone from the policy makers would push the Australian dollar lower.

Technical Analysis: The Australian dollar dancing against US dollar (AUD/USD) was unable to break above the 23% Fibonacci this time around and is currently testing the upper band of the Ichimoku cloud as well as our pivot level of 0.79. The RSI is heading down towards the neutrality area.

Alternative Scenario: Above 0.7980 look for more gains towards 0.8050

Where to set your stops and limits:

Support Levels Turning Point Resistance Levels
0.76 0.79 0.7980
0.7554 0.7733 0.8050