Forex Zone (Forex Zone)
Macroeconomics  |  February 05, 2013 09:07:48

Australia left rates at 3%


Expectations of most market that Australia's central bank kept interest rates unchanged, tonight might be fulfilled. RBA left interest rates at a record low of 3%. RBA Governor Glen Stevens said the bank sees as reasonable to keep the interest rate unchanged, because the effect last (December) reduction, remains to come. Stevens also said that the situation is improving in China and the U.S., and generally improve the situation on the global market. But it also said that if needed, the RBA is ready for another rate cut.

As regards developments in the monitored pair EUR / USD, so he surprised us yesterday. After Friday we expect more consolidation. However, this did not take place. The market fell almost all day. Only at us Charged Reviews Support around 1.3570 spent some time. From our perspective as to the choice of prior gains "unhealthy" uptrend and confirms our view so that the end of that uptrend may come at any moment. Although the price drops significantly, so we do not see aggressive entry sellers, which confirms the idea that it is the choice of profits.

Today, while the price continues to drop. From yesterday's high market dropped about 200 pips. We will now pay attention Reviews Support around 1.3420 and above 1.3400 around. Given that the short downtrend gained some strength, so we prefer to wait for these layers reversing formation. Major resistance for today we see around 1.3540 and 1.3560.

Read also:

Australia will reduce interest rate?



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