When is the RBA's Rate Decision and how could it affect AUD/USD

RBA Rate Statement Overview

The Reserve Bank of Australia (RBA) will be holding their Interest Rate Decision and Rate Statement at 04:30 GMT today, where the RBA is widely expected to hold rates unchanged at 1.5% for a record 19th straight meeting. The RBA is expected to remain unchanged on interest rates until sometime in 2019, and the central bank's phrasing is unlikely to remain unchanged from the previous meeting as well, though traders are expecting a slight shift as the RBA is set to lower their growth projections for 2018 sometime soon.

The interest rate decision itself is going to be a non-starter for Aussie trades, but some whipping could occur if the RBA switches their rhetoric in the Rate Statement to reflect lower and slower growth for the Australian economy.

How could the RBA's statement affect the AUD/USD?

The AUD/USD has had a bad run lately, closing lower for seven of the last eight consecutive trading days and tumbling over 3% from April's high of 0.7783. The pair is now trading into five-month lows, and as FXStreet's own Valeria Bednarik noted earier, "technically, the pair is bearish, given that in the 4 hours chart, the pair keeps developing below a bearish 20 SMA, while the RSI indicator extended its decline down to 31, although the Momentum retains a neutral stance."

Support levels: 0.7500 0.7470 0.7430

Resistance levels: 0.7550 0.7590 0.7620       

Key notes

RBA to set the tone

AUD/USD analysis: RBA monetary policy meeting coming up next

AUD/USD remains pressured ahead of RBA, FOMC

About the RBA Interest Rate Decision

RBA Interest Rate Decision is announced by the Reserve Bank of Australia. If the RBA is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the AUD. Likewise, if the RBA has a dovish view on the Australian economy and keeps the ongoing interest rate, or cuts the interest rate it is seen as negative, or bearish.

About the RBA Rate Statement

Decisions regarding this interest rate are made by the Reserve Bank Board, and are explained in a media release which announces the decision at 2.30 pm after each Board meeting.