The Reserve Bank of Australia has recently released the March meeting minutes. The meeting was dedicated to the central bank’s monetary policy amid today’s economic and financial situation in the country and worldwide. It should be noted that the central bank reiterated favorable conditions for interest rate cuts amid an economic slowdown in Australia and around the globe, Market Leader reports.
Even despite such statements, the RBA left the key interest rate unchanged at 2% during the latest meeting. For those of you who don’t know, the Reserve Bank of Australia has made such a decision for the 9th time in a row.
Despite the economic slowdown, the RBA rates positively the prospects of the Australian economy as the amount of new jobs created in the Australian labor market is growing amid higher mortgage lending. They expect the positive tendency in the labor market to continue in the coming months.
FOREX
In the meantime, Masterforex-V Academy reports that the Australian Dollar is still rallying within the same mid-term uptrend against U.S. Dollar. For now, AUDUSD is forming wave 3/C of level Daily2. There is a minor wave being formed inside of it – wave 3/C of a smaller-scale level.
The closest levels of support are the bottom of the ascending MF sloping channel and MF pivot 0.7118. On breaking above the 0.7592 high, the currency pair is going to continue the rally. The closest levels of resistance are 0.7637/57, 0.7702/06.
