AUD/USD Remains Under Pressure Amid RBA Monetary Policy Meeting
The Australian dollar has been under pressure ever since the day started, with the antipodean currency hit by Chinese turmoil.
The AUD/USD pair fell down to 0.7081 in the American afternoon, having however, managed to bounce some before the close.
The RBA is having its monthly economic meeting during the today’s Asian session, although rates are expected to remain unchanged at 2.0%.
Attention will likely focus on the following statement, and any change in the latest wording from Governor Stevens, will be quickly priced in.
In its latest statement, Stevens was less eager for a weaker Aussie, saying that the currency has done enough to help with the economic recovery.
Technically, the 1 hour chart shows that the price is now right below a bearish 20 SMA, whilst the technical indicators hold below their mid-lines, showing no actual strength.
In the 4 hours chart, the technical indicators have bounced alongside with price, but remain below their mid-lines, whilst the 20 SMA stands flat above the current level, more reflecting the intraday lack of volume than a certain upcoming direction.