What is the RBA's statement on monetary policy and how could this affect the AUD / USD?

Statement on the overview of monetary policy:

We have yet another event related to the RBA for the week, which is scheduled to take place today at 11:30 am Syd / 8:30 am Sing / HK or 12:30 pm GMT. After the RBA meeting and Governor Lowe's speech on Wednesday, he announced that the bank's growth forecast in Australia had been reduced to "about 3% from 2019 and 2¾% from 2020". , after "a little under 3%" in 2018 (GDP data as of March 6).

Westpac badysts noted that there would be no new real information on the prospect of growth, but explained that the RBA had announced quarterly forecasts of an "expanded list of macroeconomic variables".

"We will also seek confirmation of the new balance-of-risk wording for the next cash flow move, as well as comments on the exchange rate, which was simply mentioned on Tuesday" as having remained in the narrow range of recent years. . "

How can the event affect the AUD / USD?

The AUD / USD was relatively moderate and with an ATR value that in the '60s a surprise event could trigger a big move in one direction or the other. However, if the event only repeated the essence of what was said this week, a consolidation of the closing sessions would probably take place, especially with China. However, on a break below the 0.7100 pivot, the bears will tackle a test from the January 24th low of 0.7075. Below and at the low of 0.7022 / October 15, the eyes turn to the 161.8% retracement extension that aligns the price on the early-year floor and the S3 at 0.6914. On the upside, the bulls must return above 0.7250.

keynotes:

About the RBA's monetary policy statement:

The RBA's monetary policy statement issued by the Reserve Bank of Australia examines economic and financial conditions, determines the appropriate monetary policy stance and badesses the risks to its long-term price stability objectives and sustainable economic growth. It is considered a clear guide for the future interest rate policy of the RBA. Any changes to this report affect the volatility of the AUD. If the RBA's statement indicates a hawkish outlook, this is considered positive (or bullish) for the AUD, while an accommodative outlook is considered negative (or bearish).