Australian Dollar Moving Narrow, Anticipating Tomorrow RBA Interest Rate Announcement
In currency trading the Asian session today (31-05), the AUD currency is still seen moving narrowly against the U.S. Dollar. Pair AUD/USD is currently engaged in the range of 0.8474.
For now, the AUD is still looking bearish, where interest rates the RBA is expected to be maintained at the level of 4.50% tomorrow. However, the RBA may raise interest rates again starting in the second half of this year, driven by good economic growth prospects in Asia, especially China.
The technical, while the AUD is still visible in a bearish trend, where the maintenance of RBA interest rates will strengthen this view. Resistance is now in the range of 0.8500 to 0.8600, while the AUD is expected to weaken opportunity through support at 0.7700 if 0.8000 range.
AUD/USD is likely to strengthen past the resistance level at 0.8700 if 0.8600 level. AUD weakening can occur if the past level of support at 0.8410 to the 0.8345 level.
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