RBA decision on tap in the new day

Author: Greg Michalowski | Category: News

What is on tap in the Asian session

Below is a look at the events and releases in the Asian session:
  • Aig performances of service index for October. 4:30 PM ET/2130 GMT.  Last 51.5
  • CBA Australia PMI services October final. 5 PM ET/2200 GMT.  Preliminary 50.8. No est.
  • CBA Australia PMI composite October final.  5 PM ET/2200 GMT. Preliminary 50.7. No Est.
  • ANZ Roy Morgan weekly consumer confidence index. 5:30 PM ET/2230 GMT.  Last 110.4
  • ANZ commodity price index for October 7 PM ET/ 0000 GMT.  Last 0.0%. No est.
  • CHina Caixin PMI composite for October.  8:45 PM ET/0145 GMT.  Last 51.9
  • China Caixin PMI services for October. 8:45 PM ET/0145 GMT.  Estimate 51.1 versus 51.3
In addition, the big event will be the RBA interest rate decision.  10:30 PM ET/0330 GMT.  No change from 0.75% rate. The RBA has cut rates by 75 basis points in 2019 to 0.75%.  The market is pricing in a 94% chance of no change in rate. It would be a shock to cut rates today.

The AUDUSD has moved lower in tradnig today and in the process moved below the 100 hour mA at 0.6894. That level will now be a risk level through the RBA decision. Stay below is more bearish. Move above and the selling today was just corrective into the rate decision.

On the downside, a trendline comes in at the 0.6874 level. Below that is the 200 hour moving average (green line) at 0.68836.  Finally the 100 day moving average at 0.6848 is a key barometer for both the buyers and the sellers. If the price can move below that MA, the tilt would be more to the downside once again, for the AUDUSD after the rally up from October lows 

What is on tap in the Asian session
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