Global macro analysis for 04/04/2017:
The Reserve Bank of Australia (RBA) left monetary policy unchanged on Tuesday. The interest rates were lest at the level of 1.5%, just as widely anticipated. It was the seventh straight meeting interest rates were left unchanged. Overall, the cash rate has stood at 1.5% for the past eight meetings. In its official statement RBA said, that "Inflation remains quite low. Headline inflation is expected to pick up over the course of 2017 to be above 2%. The rise in underlying inflation is expected to be a bit more gradual with growth in labor costs remaining subdued". In conclusion, the Australian economy is following the gradual expansion path set by the RBA, the only concern seem to be bubble growing on the property market.
Let's now take a look at the AUD/USD technical picture at the H4 time frame. The strong technical support around the 61%Fibo at the level of 0.7592 was violated and now the price is heading towards the next technical support at the level of 0.75.39.
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