The AUDUSD pair jumped today after the monetary decision by the Reserve Bank of Australia. However, what level should traders watch out for? Find out from the following 7 August AUDUSD Technical Analysis.
7 August, OctaFX – The Australian dollar jumped after the Reserve Bank of Australia (RBA) released its monetary policy decision.
As expected, the bank left interest rates unchanged at 1.50% and signaled that the policy will likely remain unchanged for some time.
AUDUSD Fundamental Highlights
Last month, Australian data showed that the economy was doing well with low unemployment rate, high participation rate, and improved retail sales.
However, the country continues to face the challenge of falling housing prices in Sydney and Melbourne. It is also facing the challenge of a prolonged drought in New South Wales, the country’s most populous state and one which provides the most food to the country.
7 August AUDUSD Technical Analysis
The AUDUSD pair jumped today after the monetary decision by the Reserve Bank of Australia. It reached an intraday high of 0.7437.
Today’s surge led the pair to recoup most of the losses it sustained when it started its sharp decline on Wednesday last week.
As it rose, the RSI reached a daily high of 86 and is currently at 78. Traders should watch out for the 0.7440 level which the pair reached on Wednesday last week.
This article about 7 August AUDUSD Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.