Interest rate in Australia is set to stay steady at 4.35% for the fifth consecutive meeting in May. Reserve Bank of Australia Governor Michele Bullock will hold a press conference at 05:30 GMT. The Australian Dollar could see a big reaction to RBA’s policy statement and Bullock’s words. The Reserve Bank of Australia is unlikely to give into the pressure of a dovish policy pivot, as adopted by the Bank of Canada and the European Central Bank when it concludes its policy meeting on Tuesday.
6650, where the 100-day and 200-day Simple Moving Averages hang around. The 14-day Relative Strength Index points lower below the 50 level, indicating a clear downside path for the pair heading into the RBA interest rate decision.” “Aussie buyers need to defend the abovementioned key support near 0.6550 on a daily closing basis to attempt a rebound toward the 21-day SMA at 0.6635. The next upside barrier is seen at the critical 0.6700 threshold. Conversely, a downside break of the 0.
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