The Australian Dollar (AUD)
Key news events today
AUD Monetary Policy Meeting Minutes
What can we expect from AUD today?
The RBA monetary policy meeting minutes was released today, highlighting the key points that the board agreed that additional rate hikes were likely in the coming months and that a 25 or 50bps hike was considered at the previous meeting. This saw the AUDUSD spike up briefly but the price remains trading along the 0.69 price level. Anticipating brief strength in the DXY, the AUDUSD could trade lower, down to the 0.6870 price level. However, if the AUDUSD breaks out above 0.6930, further upside could be expected, with the next key resistance at the 0.70 price level.
Central Bank Notes:
Cash rate stands at 3.35%
Future rate rises are expected as RBA targets the 2-3% inflation target.
Next meeting on 7 March 2023
Next 24 Hours Bias
Weak Bullish
