Time Table
The Reserve Bank of Australia held rates as expected today; keeping its key rate at 2.50%. Declarations In the accompanying statement, Governor Glenn Stevens reiterated last month almost ad verbatim, still saying once that "full effect" of previous rate cuts are still working their way through the economy, which will last "for a while yet." - suggesting that RBA may not push for further rate cuts in the coming months in addition to talking about interest rates, Stevens also stressed the AUD "uncomfortably high" AUD lower, saying that is necessary "to achieve a balanced growth of the economy."
these are not new so therefore it is interesting to see the immediate bearish reaction in AUD / USD which sent the price of 0.09 to 0.068. prices will recover soon after, but this rapid response to virtually nothing showed the underlying bearishness plaguing AUD / USD at the moment.
what however, more interesting is the fact that the price actually gathered in the hours that followed, despite the supposed bearishness. This suggests that the previous statement requires a redesign, and research of historical price action, it seems that prices can be influenced with just more technicals more than being inherently bearish - with prices bouncing off the top and down in the downlink channel. The "bearishness" which was observed during the RBA rate announcement was made can be interpreted as seeking technical Bear Bottom Channel excuses for sale on.
If the above statement is true, then the probability of price rebounds on Top Channel is increasing, and we could see prices towards the bottom of the channel again at the session of the States STATES today. However, it should be noted that stochastic readings are in the midst of a bull market, and there is no evidence of this slowing upward cycle. . Therefore, a breakdown of the Top channel can not be excluded, and traders seeking a bearish rebound may have to wait for the price to hit the 0.913 resistance
Links:
GBP / USD - Eases Away from two-year high at 1.6350
AUD / USD - turns and looks towards 0.0 again
EUR / USD - dropped to the key level at 1.3550
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