Whilst the RBA did mention that they had considered tightening, they have not strengthened their language to any great degree and its clear that global growth and stability issues outweigh local inflationary concerns.
AUD/USD has fallen towards recent hourly support near 1.0930 but it’s unlikely that this decision will have any major impact on the AUD/USD apart from some possible short-term stop-loss hunts. Support should be very firm near 1.0800 and the topside barrier at 1.1100 provides obvious resistance; I think it unlikely that we trade outside of this range at any stage this week.
