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Australian dollar tumbles as RBA holds rate

Australian Dollar / U.S. Dollar (FX:AUDUSD)  
ScopeMarkets  
FX:AUDUSD   Australian Dollar / U.S. Dollar
Trend Analysis Chart Patterns Fundamental Analysis
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trendanalysis chartpattern fundamental
The Australian dollar has taken a hit after the Reserve Bank of Australia announced that it would be leaving interest rates unchanged at 4.1%. The bank also warned that further tightening might be necessary due to high levels of inflation. As a result, AUDUSD fell below the 0.6330 support level, exposing the 0.6270 price area. This drop comes after the currency remained range-bound for the past six weeks, but it seems that the bears have taken control in reaction to the RBA's announcement.
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