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Forex: Aussie plummets on RBA Interest Rate Decision

FXstreet.com (Barcelona) - The AUD/USD is currently trading sharply lower, down 65 pips at 1.0188. Initially the pair was trading near the 1.0240 level, but plummeted as the RBA announced an interest rate cut by 0.25% which will take the current cash rate from 3.00% to 2.75%.

According to Sean Lee at FXWW, The rate cut has pushed the AUD/USD back below 1.0200 and I’d expect any rallies to be capped by 1.0230. I’m hearing the initial batch of professional bids are at 1.0165/70."

The FXStreet.com Trend Index now reads slightly bearish on the 1 hour time frame. Initial support can be found at 1.0170 (support on weekly chart), followed by 1.0115 (weekly low from March 4th, 2013). Initial resistance is now located at 1.0220 (previous support, now resistance on daily chart), followed by 1.0244 (the 9dma on 1 hour chart).

RBA cut rates to 2.75, lowest since records began in 1959

The RBA just cut the cash rate to 2.75% or to the lowest level on record, with figure dating back to 1959. The central bank said the cut needs to encourage sustainable growth.
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Session Recap: AUD/USD breaks below 1.02 as RBA cut rates to record low 2.75%

A quiet Asian session in mostly all fronts but in Aussie after the RBA has lowered interest rates from previous 3% to record lows at 2.75%, the lowest since year 1959. Japan opened doors after a 4-day weekend, with USD/JPY momentarily breaking below the 99 handle on Japan Fin Min comments.
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