09.03.201715:07 Forex Analysis & Reviews: Global macro overview for 09/03/2017

Long-term review

Global macro overview for 09/03/2017:

The Reserve Bank of Australia has decided to leave the interest rate unchanged at the level of 1.5% as expected. In the RBA official statement, we can read that: "The Australian economy is continuing its transition following the end of the mining investment boom, expanding by around 2.5% in 2016. Exports have risen strongly and non-mining business investment has risen over the past year." Moreover, the RBA expects the economy to grow around 3% annually over the next several years on steady consumption growth and expanding resource exports.

Let's now take a look at the AUD/USD technical picture on the H4 time frame. The price rallied a little toward the level of 0.7633 after finding a bottom at the level of 0.7542. The trading conditions are not that much oversold as they were before the news, but still, there is a possible move higher in this market. On a higher time frame, the market is still more biased to go lower toward the level of 0.7511

Exchange Rates 09.03.2017 analysis

.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Sebastian Seliga,
Analytical expert
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.