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AUD/USD Slides to Key Support after RBA Cuts Rate to Record Low
RBA rate cut: The Reserve Bank of Australia cut its official cash rate from 3.0% to a record low of 2.75%. Although the market has priced in a more dovish RBA, a rate cut at this meeting was a bit of a surprise, and the bank also left room for further rate cut as well. The AUD was pressured and the AUD/USD fell below a support since April to challenge a key support area since July 2012. Support breakdown: The 4H chart shows that the market was supported at 1.0220 ahead of the RBA decision. This level held as support for the 3rd time since April. After the rate cut was announced, the AUD/USD fell through this support ... (full story)