Buy on rebound from 0.7151 level with 0.7241 target. Stop loss = 0.7101.
Reason for the trading strategy
In December, Australia's retail sales were not changed, with a forecast of a 0.4% (m/m) growth. And today, the RBA lowered its forecast for inflation in the country from 1.5% to 2.0% for mid-2016 The forecast for Australia's GDP growth has been reduced from 3.5% to 3.0% for the end of 2017. The RBA believes that the low inflation gives room for further policy easing if necessary.