Daily Market Analysis 06.06.2023: EURAUD

Instrument: EURAUD

Technical Analysis

Bullish Preference: 
A buy position is envisaged if the price trades above 1.61134 with take profit at 1.61395
Bearish Preference: 
A sell position is envisaged if the price trades below 1.60414 with a take profit at  1.60159
5 AM AUD: RBA Rate Statement Cash Rate

Today, the Reserve Bank of Australia (RBA) increased the cash rate by 25 basis points to 4.10 percent. That’s a significant jump from the historic pandemic low of 0.1 percent that Australians enjoyed for more than two years. This also marks the 12th time the bank has hiked rates since May last year and is the highest the cash rate for the past 11 years. AUS is expected to gain more strength as a result of the hike in the interest rate and hawkish monetary statement.

Analysis: SCRUM Team

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