Traders are in selling mood, the RBA (Reserve Bank of Australia) also released a much dovish SoMP (Statement of Monetary Policy) keep the Australian dollar in bearish mood.
RBA in a statement, revised downwardly its growth forecast for GDP substantially. In GDP forecast, RBA now projects 2.8 percent year to year for December 2018, 3.0 percent for December 2019, lesser 2.7 for December 2020 and same for December 2021.
Australian policy makers said the prospect of a rate hike or rate cut is more evenly balanced than previously thought. They also do not see any strong case to change rates in near future.
As of 05:00 UTC the AUD trading at 0.7074 ~ 0.7075. As there no more events or news that can affect economy or traders mind, 0.70 may turn to be a support.
The price may go up until 0.71xxx or go below 0.70xxx
The intraday forecast for AUDUSD:
Today opened at 0.71022, touched High of 0.71052, went Low to 0.70606
Right now struggling at 0.7.07 even though the traders are slowly changing mood from selling to buying. But being last day of the week, we cannot expect much change.
RBA in a statement, revised downwardly its growth forecast for GDP substantially. In GDP forecast, RBA now projects 2.8 percent year to year for December 2018, 3.0 percent for December 2019, lesser 2.7 for December 2020 and same for December 2021.
Australian policy makers said the prospect of a rate hike or rate cut is more evenly balanced than previously thought. They also do not see any strong case to change rates in near future.
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| Australian Statement of Monetary Policy February 2019 |
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| AUDUSD Strong selling mood of traders reflect in strong bearish movement. |
The intraday forecast for AUDUSD:
Today opened at 0.71022, touched High of 0.71052, went Low to 0.70606
Right now struggling at 0.7.07 even though the traders are slowly changing mood from selling to buying. But being last day of the week, we cannot expect much change.
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