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    Technical index AUD/USD Rate Retains Ascending Channel Formation

    AUD/USD RATE RETAINS ASCENDING CHANNEL FORMATION AHEAD OF RBA MINUTES

    AUD/USD continues to track the upward trending channel carried over from the previous month as the Reserve Bank of Australia (RBA) abandons the dovish forward guidance for monetary policy, and the minutes from the April meeting may heighten the appeal of the Australian Dollar if the central bank tames speculation for additional monetary support.

    The update to Australia’s Employment report may encourage the RBA to adopt an improved outlook as the economy unexpectedly adds 5.9K jobs in March, and Governor Philip Lowe and Co. may continue to change their tune over the coming months as officials insist that “smaller and less frequent purchases of government bonds will be required” if market conditions continue to improve.

    The unprecedented efforts taken by monetary and well as fiscal authorities should help to curb the slowdown in economic activity, but the RBA may come under pressure to further support the economy as the International Monetary Fund (IMF) sees global growth contracting 3.0% in 2020.

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