The Australian dollar commodity (AUD) showed significant depreciation in the Asian session today after the market reacted to the decision of the Australian central bank meeting just now.
The Reserve Bank of Australia (RBA) at its first monetary policy meeting for 2021 still maintained its interest rate unchanged at a low of 0.10%.
However, policymakers have decided to further enhance the $ 100 billion bond purchase program in mid-April aimed at supporting employment and inflation.
The easing of the policy has led to the depreciation of the Aussie dollar until trading continues into the European session.
On the AUD / USD currency pair price chart, the price initially shows an increase at the opening of the Asian session up to the level of 0.76600.
However, after reaching the trading level on Monday, prices then plummeted following the reaction to the RBA meeting decision.
The price moves back below the Moving Average 50 (MA50) barrier level within the 1 hour time frame of the price movement which again signals a downward trend.
A lower decline is seen heading towards the support zone at 0.75700 after the price crossed the support level last week.
The zone also became a support level when prices started to surge at the end of trading in December 2020.
If the price manages to soar again, the resistance level of 0.76600 will be tested again before the bullish trend change will push the higher possible rise to the level around 0.77000.
