AUD/USD : the upside prevails
Jean-Christophe Rolland November 6, 2020 7:06 PM
The Reserve Bank of Austrialia said it is done on rates for now.
RBA's board said it "is not contemplating a further reduction in interest rates. The Board considers that there is little to be gained from short-term interest rates moving into negative territory and continues to view a negative policy rate as extraordinarily unlikely."
From a technical point of view, on a daily chart, AUD/USD is well oriented after having broken a declining trendline drawn since early September. Prices trade above their 50-day moving average while the RSI remains above its neutrality area at 50. As long as the 0.7100 support is not broken, readers may therefore consider further upside towards next resistances at 0.71415 and 0.7520 in extension.
Source : TradingView, Gain Capital
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.