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AUD/USD rallies on RBA no-change decision

The Reserve Bank of Australia decided to leave rates unchanged. While it left the door to more cuts along the road ahead, it didn’t seem to eager to  use the tools in its shed and relatively calm on the situation of the Australian economy.

The result is a stronger Australian dollar, with AUD/USD rising above 0.72, yet doubts remain.

The RBA sees the A$ as adjusting to significant declines in key commodity prices. There is scope for further easing if needed and they will continue assessing whether the current rate  setting is effective.

The break above 0.72 is not confirmed yet. Further levels above are 0.7280 and 0.74. On the downside we have 0.71 and 0.7065. Note that on the around the announcement, the pair danced around and event fell to 0.7110 before  shooting higher. The high so far is 0.7212.

More:  AUD/USD towards 0.68 and below until year end – Credit Agricole

AUDUSD technical chart November 3 2015

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.