AUD/USD reacts to central bank

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On August 2, the Reserve Bank of Australia hiked its Cash Rate from 1.35% up to 1.85%. The 0.50% hike was expected, as most central banks have been tightening monetary policy to fight inflation that has been rampant in the aftermath of the coronavirus stimulus.

The AUD/USD reacted to the hike with a decline, which over the span of four hours extended to almost 100 base points or 1.40%. Namely, the markets took in the comments in the statement as indicative of an end to the ongoing hiking cycle.

By the start of Tuesday's US trading hours at 13:30 GMT, the rate appeared to have found support in the 0.6920 level. If the rate recovers, the pair might encounter resistance in the combination of the 200-hour simple moving average, the 0.6960 level and the weekly simple pivot point at 0.6966.

However, a decline of the pair could look for support in the 0.6900 level and the weekly S1 simple pivot point at that level.
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