RBA held July meeting as a result of which left at former level an interest rate (2.75%).
The decision to keep rates was not unexpected for investors, and market participants focused on the rhetoric of the followed statement. Glenn Stevens again repeated the idea that the outlook for inflation is quite admits the possibility of further measures to weakening the monetary policy, provided that there will be a need for maintain demand.
Also, the RBA noted that the exchange rate remains high, despite a 10 percent decline from the beginning of April. The Central Bank continues to hold the view about the high cost of Australian currency, giving investors an allusion to the fact that, despite the rapid fall of the national currency, the RBA is ready to continue monetary easing if the economic situation calls for it.
The statement made by Stevens put pressure on the Australian dollar. The pair AUD / USD continues to form a bearish wave 3/C level of Daily. Now there is the formation of a sub-wave А(C) or truncated wave the level of H2, - explain experts at the online-learning Department of Masterforex-V Academy. The immediate support is 0.9112, having punched which pair will continue to decline to Fibonacci levels 0.9092/85, 0.9028/24, 0.8948. The current wave is complete breakthrough sloping channel MF and MF pivot 0.9251.
