In the first rate cut in over two years, the People’s Bank of China announced a rate cut. While a move was expected, the timing was surprising from Australia’s No. 1 trading partner. AUD/USD is moving up, flirting with 0.87. This moves saves the pair from a not so good week otherwise. China cut the one year lending by 0.4% and the deposit rate by 0.25% to 2.75%. In addition, they raised the deposit rate ceiling to 20% above the benchmark from 10% beforehand. It also said that it advances reforms on interest rates. More stimulus in China implies more demand for Australian commodities. This comes amid a slump in prices of copper, iron ore and also gold. AUD/USD emerged from the lows under 0.86 and peaked at 0.8720. Further resistance awaits at 0.8820 before the tough line of 0.89. Weak support awaits at 0.8660 with the 0.8540 serving as the bottom line in the sand. For more, see the AUDUSD forecast. And here is the latest Elliott Wave Analysis: AUD/USD can correct upwards Here is how it looks on the chart: 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Markets Awash in Liquidity; Loonie Leaps after CPI Scott Smith 7 years In the first rate cut in over two years, the People's Bank of China announced a rate cut. While a move was expected, the timing was surprising from Australia's No. 1 trading partner. AUD/USD is moving up, flirting with 0.87. This moves saves the pair from a not so good week otherwise. China cut the one year lending by 0.4% and the deposit rate by 0.25% to 2.75%. In addition, they raised the deposit rate ceiling to 20% above the benchmark from 10% beforehand. It also said that it advances reforms on interest rates. More stimulus in China implies more… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
