No change for interest rate in Australia (2010-06-01 AUD analysis)

Australia decided not to change its interest rate, which matched the expectations from the public. Below is the 4-H chart for Aussie.



There is a great support area between the interception of green and red trendlines and the horizontal line. We would expect a rebound in technical terms. Breakthrough of this area would lead to the support at 0.8276 and 0.8190.

Later Canada would be having a meeting on monetary policy. Market expects an increase in interest rate due to the good economic conditions (increase of 1.5% in Q1 GDP). This might lead to fluctuations for CAD. Keep an eye on CAD.