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AUD/USD struggles ahead of RBA interest rate decision

November 2, 2020 by Mario Soto

The expectation for this rate decision is that the RBA will cut rates to a record low at 0.10%. This is weighing heavily on the Aussie as we see it fall closer to 0.7 a major support level for the pair. Although it did breach the this support, falling to 0.6996 it was only for a second, a mere breach in the matrix so to speak. It is currently sitting at 0.7014 and with not much coming out of the Australian markets today, it will depend heavily on the performance of other markets to remain above the 0.7 support level. Although a fairly quiet day in terms of announcements, the rest of the week is a lot more volatile. Take a look at the economic colander and plan your week. We will keep you updated with announcements, forecasts and technical levels so make sure you come back for updates.

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