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Forex: AUD/USD breaks below 1.0430 on RBA unchanged rates at 3.00%

AUD/USD is currently breaking lower to fresh session lows at 1.0418 and falling, from initial 1.0440 level the pair was, moments before the RBA statement came in with rates unchanged at 3.00%. The pair retraces from session and weekly highs at 1.0458, following better than expected housing and trade balance data.

The RBA does not change rates, but it opens the door for further cuts, many analysts suggesting will come first by next March's meeting, arguing inflation outlook would afford more cuts, while “global growth is forecast to be a little below average for a time,” the central bank said.

Immediate support to the downside for AUD/USD lies at recent session/yesterday's lows 1.0413/08, followed by Thursday's lows at 1.0379, and Friday's lows at 1.0360. To the upside, closest resistance shows at Thursday's highs 1.0452, followed by recent session/weekly highs at 1.0458, and Jan 29/30 highs at 1.0477.

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