Global macro overview for 09/03/2017:
The Reserve Bank of Australia has decided to leave the interest rate unchanged at the level of 1.5% as expected. In the RBA official statement, we can read that: "The Australian economy is continuing its transition following the end of the mining investment boom, expanding by around 2.5% in 2016. Exports have risen strongly and non-mining business investment has risen over the past year." Moreover, the RBA expects the economy to grow around 3% annually over the next several years on steady consumption growth and expanding resource exports.
Let's now take a look at the AUD/USD technical picture on the H4 time frame. The price rallied a little toward the level of 0.7633 after finding a bottom at the level of 0.7542. The trading conditions are not that much oversold as they were before the news, but still, there is a possible move higher in this market. On a higher time frame, the market is still more biased to go lower toward the level of 0.7511
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