RBA Sticks to Tapering Plan

RBA Sticks to Tapering Plan

2021-08-03 • Updated

4H Chart

AUDUSDH4 03 Aug 2021.png

Daily Chart

AUDUSDDaily 03 Aug 2021.png

The Reserve Bank of Australia decided to keep the current policy unchanged as widely expected. However, and against all odds, the bank took the first steps toward winding back emergency monetary stimulus for an economy that’s exceeded forecasts. The BRA made this move even though many saw the bank hinting for a possible increase in asset purchases amid partial lockdown in parts of the county due to the high rate of covid19 cases. Yet, the plan to taper by 1B in September could be a message that the RBA is seeing some inflation pressure on the horizon. In the meantime, AUD/USD is still in a retracement mode, which may target 0.7470 and 0.7530’s before the downside trend resumes. Therefore, I would long some AUD/USD around here 0.7380’s with a stop at today’s low only.

S3 S2 S1 Pivot R1 R2 R3
0.7252 0.7305 7333 0.7358 0.7386 0.7411 0.7464

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