As expected the RBA held the AUD cash rate at 1% and AUDUSD has since risen as it failed to challenge 0.67 due to the RBA giving no indication of future rate cuts reducing the odds of a rate cut this year. However, we believe recent rise in the currency pair can be also attributed to the ISM manufacturing coming in weaker than expected and less concern surrounding the US and China trade war. Therefore we maintain our short view mainly on the back of Australian economic weakness which we would hold unless the currency pair rises above the 0.70 psychological level.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.