Global macro overview for 01/03/2016:
The Reserve Bank of Australia left the official cash rate unchanged at the level of 2% earlier this morning, as expected by market participants. From the statement released after the decision, we know that RBA Governor Glenn Stevens decided that strong employment and prospects for growth has prevented the RBA to cut the rates for now. Nevertheless, RBA reiterated its worried outlook for China's economic growth and decreasing commodity prices. In conclusion, the RBA has left the door open if case economic conditions worsen substantially.
Let's now take a look at the technical picture of the AUD/USD pair. The price had bounced from the brown trend line support on H4 time frame chart and currently is heading higher towards the resistance at the level of 0.7242. It looks like bulls are starting to re-gain control over this market.
