AUD/USD Post Rate Decision
After an as expected rate decision moving the cash rate from 3.5% to 3.75% the AUD moved lower against the USD. The accompanying RBA meeting minutes suggested that inflation was contained and has declined off its peak and that a higher AUD will continue to hurt trade. On the daily chart below we see the pair has broken the long-term trendline we have been following and is now using it as resistance. The second chart is a shorter-term version of the daily.
