AUD saw the RBA leave its cash rate at 7.25% as widely expected, as comments made note of “overall tightening in financial conditions since the middle of 2007 has been substantial”, whilst growth in domestic demand appears to be moderating as inflation is perceived to decline over time. Furthermore, lower commodities once again weighed heavy on the Aussie.
AUD is expected to trade in the range of 0.9030-0.9130.With good support seen at 0.9020 and key resistance is seen at 0.9145. Currency is expected to be on a bearish note for the day as Sensitivity indicator Stochastic and momentum oscillators are also signaling towards the bear trend to continue for the day. Currency is also trading well below the fast moving averages.
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