Historical Chart: RBA and Turning Points in AUD
The last 3 times the RBA made a monetary policy announcement, a small to large reversal was triggered in the Australian dollar. RBA rate decisions can frequently mark a top or bottom in a currency – this does not happen 100 percent of the time, but given the number of considerations that go into an interest rate decision as well as the impact that high interest rates have on the attractiveness of a currency, we can understand why it is such a big market mover. In fact, the main reason why the Australian dollar has had such a nice run in recent is because of its high interest rate. As a result, A$ traders need to be particularly wary of the possibility of the RBA decision triggering a top in the AUD/USD.
Kathy Lien is an internationally published author and the Director of Currency Research at http://www.fx360.com” target=”_blank”FX360.com, the research arm of GFT. Her trading books include: “Day Trading the Currency Market: Technical and Fundamental Strategies to Profit form Market Swings” (2005); “High Probability Trading Setups for the Currency Market” E-Book (2006); “Millionaire Traders: How Everyday People Are Beating Wall Street at Its Own Game” (2007) Lien also runs an FX Signal Service, BKForex Advisor, with Boris Schlossberg.
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