The Australian Dollar (AUD)
Key news events today
AUD Wage Price Index q/q
What can we expect from AUD today?
The AUDUSD spiked lower following the release of the wage price index which was released at 0.8% (Forecast: 1%). However, the move lower was quickly retraced with the AUDUSD trading along the 0.6850 price level. The AUDUSD could see choppy price action as the downward pressure is offset by the upward move on the NZDUSD following the RBNZ interest rate decision. If the price closes below 0.6800, the AUDUSD could trade lower toward the 0.6680 support 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 Bearish
