Global marco overview for 04/08/2015:
The Rereve Bank of Australia has decided overnight to leave the main interest rate unchanged at the level of 2%. The market was not surprised as the forecast of 2% was exactly in line with the data release. The more interesting clues for a further RBA monetary policy comes from the central bank Governor Glenn Stevens' statement issued with the report. In this statement he wrote that the exchange rate is adjusting to the significant declines in key commodity prices indicating that the current exchange is not too high at all and it might decrease even further.
After the RBA decision, the AUD/USD pair has jumped 1% and is currently trading at the level of 0.7371, which is a previous resistance level. Any breakout higher with a daily candle close above the resistance level might suggest a possible golden trendline test from the downside. Amid the upcoming correction, the mid-term and long-term bias is bearish.