Analyst
The Aussie has enjoyed a smooth ride against the common currencies in recent days and the strength is expected to continue in today's session as positive economic data from China coupled with slightly hawkish stance of the RBA lends strength to the Aussie. The Aussie is a commodity supported currencies and the recent development between Russia and Ukraine has pushed prices of commodities to the upside and is a boost to the Australian economy.
The pair is approaching the 1.53865 support zone, a level not seen since the 31st day of October last year. On the weekly chart the 1.52709 happens to be a verified support zone where a possible rebound is envisaged. Traders are advised to pay close attention to the zones mentioned above for possible bullish patterns to take a buy trade.
The Reserve Bank of Australia had its policy meeting earlier today and the bank decided to keep cash rate constant citing uncertainties arising from the Ukranian war and inconsistent inflation level in the country.
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