RBA Statement on Monetary Policy

RBA Statement on Monetary Policy

From rba.gov.au

At its meeting today, the Board decided to leave the cash rate unchanged at 2.5 per cent. Growth in the global economy was a bit below trend in 2013, but there are reasonable prospects of a pick-up this year. The United States economy, while affected by adverse weather, continues its expansion and the euro area has begun a recovery from recession, albeit a fragile one. Japan has recorded a significant pick-up in growth, while China's growth remains in line with policymakers' objectives. Commodity prices have declined from their peaks but in historical terms remain high. Financial conditions overall remain very ... (full story)

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Mar 4, 2014 2:47am

Quoting PA is King

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This is just my opinion, but the least risky trade is is to stay out of the market currently(since we are in a narrowing range). But if you have to trade, I would choose longs over shorts.

Reasons:
1) China data hasn't been that great the past few weeks and a/u stays above .8900
2) Aussie data has been mixed and a/u stays above .8900
3) Ukraine issues caused gaps down over the weekend yet a/u rallied back up and stayed above .8900
4) US data was good today and a/u stayed above .8900
5) E/U, G/U sold off today...U/Chf, U/Cad, U/J, went up...

Ignored

bought and sold all day mate and agree with you again regarding the .9050

just in again for a tinywinny sell

Aussi

Mar 4, 2014 4:11am

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Quoting PA is King

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Nice work, it's really all you can do at this point since it's ranging.

Ignored

yep mate a few pips here and their make a good total at the finish small amounts soon build . greed kills a lot of accounts

PA is King

Mar 3, 2014 10:12pm

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Really not enough room for me to trade either way...long has top side shrinking down...and can't short until we get a clear close below .8900. Think I'll take the rest of tonight off. Happy Trading all!

PA is King

Mar 3, 2014 11:13pm

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This is just my opinion, but the least risky trade is is to stay out of the market currently(since we are in a narrowing range). But if you have to trade, I would choose longs over shorts.

Reasons:
1) China data hasn't been that great the past few weeks and a/u stays above .8900
2) Aussie data has been mixed and a/u stays above .8900
3) Ukraine issues caused gaps down over the weekend yet a/u rallied back up and stayed above .8900
4) US data was good today and a/u stayed above .8900
5) E/U, G/U sold off today...U/Chf, U/Cad, U/J, went up today...clear sign of USD strength, but A/U didn't selloff and stayed above .8900.

Plain and simple, there are just more buyers than sellers right now on A/U. Until that changes and the .8900 breaks down I have to lean towards "buy the dips." Cheers!

p.s. If you happened to sell around .9050 as mentioned above...nice job! Lock in some profits and enjoy.

PA is King

Mar 4, 2014 4:31am

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Quoting Aussi

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yep mate a few pips here and their make a good total at the finish small amounts soon build . greed kills a lot of accounts

Ignored

You got it. That's why you see me only taking between 20-50pips a trade. I'M not looking for home runs, if the ADR of a pair is 100pips/day, I just look for a portion of that knowing that is almost impossible to pick the exact high and low for the day...day in and day out.

ForExtraPips

Mar 3, 2014 10:27pm

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Quoting PriceIsRight

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I'm expecting price to test .8850 level before NY close. Price couldn't breach .8965 area.

Ignored

That's an area that I'm keeping an eye on, too. I've been short since .9050, with a tp @ .8842 Time will tell.

Aussi

Mar 4, 2014 2:53am

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sell 89640 sold it 89566

small win 94 pips less 20 = 74x .50 thank you FOREX

PA is King

Mar 3, 2014 9:39pm

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Hitting traders stops in both directions...well played RBA!

Patience for candle closes...that will help you figure out the direction. Hopefully the 1hr will show something.

PA is King

Mar 3, 2014 10:02pm

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Still finding support/buying around .8900.

PA is King

Mar 4, 2014 2:33am

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Same story, different day. Brief selloff followed by hours of buying. Happy Trading!

PA is King

Mar 4, 2014 3:53am

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Quoting Aussi

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sell 89640 sold it 89566 small win 94 pips less 20 = 74x .50 thank you FOREX

Ignored

Nice work, it's really all you can do at this point since it's ranging.

ForExtraPips

Mar 3, 2014 9:47pm

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Just waiting on tomorrow's GDP data to move this thing.

ForExtraPips

Mar 3, 2014 10:06pm

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Quoting PA is King

Disliked

Still finding support/buying around .8900.

Ignored

Agreed. The make or break line for me.

reizamv

Mar 3, 2014 9:42pm

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hmmm buy because to much oversold in all time frame

Gwan

Mar 4, 2014 1:13am

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0.85 is only about 400 pip below,.... that's a shallow water

kuncung

Mar 3, 2014 9:36pm

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mix untill ftse market open

kuncung

Mar 3, 2014 9:38pm

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sell audusd now and then buy at support

skidrow

Mar 3, 2014 9:39pm

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There is mixed sentiment, so short and long both decision is now very risky

skidrow

Mar 3, 2014 9:48pm

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Quoting reizamv

Disliked

hmmm buy because to much oversold in all time frame

Ignored

AU is not in oversold area in any time frame.

beryl

Mar 3, 2014 11:33pm

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this is not recommendation - a/u shows CCI divergence on the monthly chart...and something make me fell happy when I see my forgotten long position .90

dataminer

Mar 3, 2014 9:34pm

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The decline in the exchange rate seen to date will assist in achieving balanced growth in the economy, though the exchange rate remains high by historical standards.

Mar 3, 2014 9:36pm

up or down?

Mar 3, 2014 9:36pm

sell audusd

Mar 3, 2014 9:37pm

boring, aud goes no where.

PriceIsRight

Mar 3, 2014 9:48pm

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I'm expecting price to test .8850 level before NY close. Price couldn't breach .8965 area.

illupo91

Mar 3, 2014 10:06pm

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Quoting PA is King

Disliked

Still finding support/buying around .8900.

Ignored

now i agree with you.

jhheng

Mar 3, 2014 10:13pm

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looking for a daily close below .8900
for a short big time

lsolanki

Mar 3, 2014 10:18pm

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short because rba says exchnage rate historically high

Trader#9C6E

Mar 4, 2014 11:30am

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Quoting PA is King

Disliked

You got it. That's why you see me only taking between 20-50pips a trade. I'M not looking for home runs, if the ADR of a pair is 100pips/day, I just look for a portion of that knowing that is almost impossible to pick the exact high and low for the day...day in and day out.

Ignored

Agreed. Gotta adjust your trade expectations according to market conditions. We're still seeing ranging (relatively narrow ranges too).