Resistance 1<\/strong>: 0.6345 \u2013 Trendline Resistance: 0.6292 \u2013 200 Day Moving Average<\/p>\n\n\n\n
Aussie dollar traders are preparing for a busy day today, with some key data due this morning before the Reserve Bank announces its latest interest rate decision. Retail Sales data is due out in the morning session today, with expectations for a 0.3% month-on-month increase. Anything significantly off that will see more moves in the currency; however, this afternoon\u2019s rate call from the central bank and guidance from the statement and press conference are likely to have a bigger impact on the market.<\/p>\n\n\n\n
The majority of economists are expecting the Reserve Bank to keep rates on hold at 4.10% today, after they cut at their last meeting. Persistent inflation pressure and overall global market uncertainty, as well as an upcoming election, should see Governor Michele Bullock and her team keep rates steady. However, forward guidance, which has tended to be more hawkish during their tenure, should see some moves in the currency.<\/p>\n\n\n\n
The Aussie has been under pressure recently, both against the dollar and on the crosses, with the major pair dropping nearly 2% in the last week. It is sitting just above recent monthly lows going into today\u2019s updates, and a weaker Retail Sales print and\/or more dovish sentiment from the Reserve Bank could see those levels broken in short order. Conversely, a stronger print combined with more hawkish forward guidance \u2013 which some analysts are leaning towards \u2013 could see a good rally back into the middle of the recent range.<\/p>\n\n\n\n
Resistance 2<\/strong>: 0.6345 \u2013 Trendline Resistance<\/p>\n\n\n\n Resistance 1<\/strong>: 0.6345 \u2013 Trendline Resistance: 0.6292 \u2013 200 Day Moving Average<\/p>\n\n\n\n
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