AUDUSD Monthly Time Frame Analysis: Market is moving in the Symmetrical triangle pattern and the market has rebounded from the horizontal Support area of the pattern.
Where is AUDUSD Today
After a long week of struggling to stay above support levels, the AUDUSD currency pair has finally recovered and is looking to make its way back up in the charts. The previous fall can be blamed on the release of the US CPI data while the current increase can be blamed on the RBA Meeting Minutes which were currently released.
AUDUSD H4 Time Frame Analysis Market is moving in the Descending channel and the Market has rebounded from the lower low area of the channel.
Other important events impacting the AUDUSD markets include the recent education package as well as the climate change horrors that are causing melanoma. AUDUSD is currently teasing around the 0.70365 region but we should expect it to continue trending upwards as of right now.
RBA Meeting Minutes
Just a couple of weeks ago it was revealed that the RBA increased its interest rates for the month of May by 25 basis points. This came as quite a shock for the economists and analysts as they were expecting that the RBA would either not increase their rates at all or they would increase them by 15 basis points. Their analysis shows how well the RBA hid their plans and how well they downplayed the actual mess the economy was actually in. Whatโs even more shocking was when the RBA released their meeting minutes, we found out that they werenโt even considering raising their interest rates by 15 basis points. In fact, it was down between either 25 basis points or 40 basis points. This has left economists quite confused as now weโre all thinking if thereโs something that weโre missing as to why they wanted to increase their interest rates by such a large number. This also paves the way for analysts to now assume that there is a strong possibility that we will be expecting a hike of 40 basis points for the next session which would be June.
The Meeting Minutes revealed, โMembers considered three options for the size of the rate increase at the present meeting: raising the cash rate by 15 basis points, 25 basis points, or 40 basis points. Members agreed that raising the cash rate by 15 basis points was not the preferred option given that the policy was very stimulatory and that it was highly probable that further rate rises would be required. A 15-basis-point increase would also be inconsistent with the historical practice of changing the cash rate in increments of at least 25 basis points. An argument for an increase of 40 basis points could be made given the upside risks to inflation and the current very low level of interest rates. However, members agreed that the preferred option was 25 basis points. A move of this size would help signal that the board was now returning to normal operating procedures after the extraordinary period of the pandemic.โ
International Education Package
When you think of Australia, you often think of a vacation alongside sunny beaches and just having a good time outdoors enjoying the weather and the nightlife. You donโt often associate Australia with being a place to go for getting a degree. This is why Australiaโs current PM Morrison had revealed a $41.2 million package for international education. This is to help promote the intake of international students for educational purposes. The reason Morrison is so interested in the intake of international students is because of the fact that they would bring more money into the economy from abroad. This would significantly help the current economy which is really struggling due to the inflation crisis which has taken over the entire world. The educational sector of Australia has been left worn and dusty with no one trying to fix it up. This is a great first step to finally get the wheels rolling in this industry once again.
AUDUSD M30 Time Frame Analysis Market is moving in an Ascending channel and the Market has rebounded from the higher low area of the channel.
Australiaโ International Education minister reveals in a speech stating, โA $10m incentive package will aim to increase awareness of the stateโs international education sector through overseas education agents who enroll international students in WA institutions. A $1m familiarization program will also allow key offshore stakeholders to visit and experience Western Australia. International education is an important economic sector for Western Australia and the McGowan government is strongly committed to supporting the industry as it continues to reconnect with international partners. We have consulted extensively with the international education sector over the past few months and have based this package on their input.โ
Melanoma Cases
As climate change becomes more and more apparent as each year goes by, we are left to live under pretty harsh climates and weather conditions that are unbearable most of the time. We are all probably feeling the heat much more significantly this year than we did the year prior. This is because our ozone layers are slowly breaking apart causing the rays of the sun to reach us much more easily. With more exposure to the rays of the sun, we are at more risk of developing melanoma. This is a type of skin cancer that is typical with skin exposure, especially if youโre a light-skinned individual. Since Australia is a majority fair people country where everyone spends the majority of their time outdoors in the sun, we are expecting a storm of melanoma cases this summer. People are advised to remain indoors or properly cover themselves up with sunscreen when going outside in order to prevent developing this horrible disease.
AUDUSD Weekly Time Frame Analysis Market is moving in the Major Box Pattern and Major Descending channel, Market has rebounded from the Major Horizontal Support.
Professor Kimlin, a cancer researcher has revealed his thoughts on the situation. He states, โAustraliaโs ageing population means more people will continue to present with skin cancers. Treating an Australian patient with stage III/IV melanoma costs more than $100,000 a year. Early detection and prevention remained the best way to reduce the escalating costs. It was important that GPs were trained in contemporary detection techniques, but patients also needed to feel confident their doctors knew how to diagnose skin cancer. We need to also think about what will a workforce look like โ is it going to be GPs? How are we going to work with our professions and specialist services? More than two-thirds of Australians will receive treatment for skin cancer at some point in their lives.โ
