The Australian monetary policy meeting minutes have just been released. The current accomidative monetary has a positive effect on Australia's economy. The board decided to maintain the cash rate at a low of 2.5%. The recent development indicated that domestic economy evolved much as expected, with further indications that growth picked up a little over the past two quarters.
The pair broke the lower trend line. Today's high is most crucial in coming sessions. As of now in Asia's trading session, the pair made a high at 0.9334. The pair is reaching towards the crucial support levels at 0.926. The RSI in the daily chart is indicating "selling the rise" strategy. If the pair closes below 0.926, it will fall to 0.9150 levels, which are a buying zone. The weekly resistance was placed at 0.9408 levels and weekly support is placed at 0.926.
For an intraday perspective, the pair will favor the buying side. The buying zone exists between 0.9288-0.9280. Traders can buy the dip and wait patiently. On the up side, the resistance levels exist at 0.9305, 0.9330 and 0.9360 levels. On the down side, if the pair breaks below 0.9279, it will fall to 0.9270 and 0.9254 levels.
We expect the correction will complete at 0.9292-0.9290 levels.
0.9407-0.9326= 0.0081
Resistance exists at 0.9299-0.9305 levels, above 0.9305, it will spike to 0.9330 and 0.9360.
0.0081-0.9373= 0.9292
buy and hold patiently
