Global macro overview for 03/11/2015:
The Reserve Bank of Australia has left the interest rates at its record low of 2% for sixth consecutive month. RBA had cut the interest rate last time in May by 25bp, following an earlier cut in February. They decided to cut the rates to the record low levels in February mainly due to the sluggish Australian economy, weak inflation figures, and general global demand decrease (mainly from China). Currently, there is another subject of concern for RBA: the growing bubble on the housing market in Australia.
The AUD/USD pair has broken above the resistance at the level of 0.7181 and now is trading inside the golden channel. The next resistance is seen at the level of 0.7296.
