RBA Keeps Interest Rate at $4.10%, This Happens on the AUD/USD Chart!

<p>&nbsp;As expected, the Reserve Bank of Australia's (RBA) monetary policy meeting today saw interest rates remain at 4.10% for the fourth time.</p><p><br /></p><p>The Australian dollar fell as soon as the results of the meeting were announced while a follow-up statement by the new governor, Michele Bullock was watched.</p><p><br /></p><p>In the policy report presented by Bullock, inflation in Australia is said to have passed the peak but still remains high.</p><p><br /></p><p>Policy tightening measures are still needed to keep inflation down to the target level.</p><p><br /></p><p>The impact on the Aussie dollar currency can be seen on the price movement on the AUD/USD currency pair chart.</p><p><br /></p><p>On Monday's trading yesterday, the price has made a decline to the 0.63700 level and moved below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the chart, giving a bearish signal.</p><p><br /></p><p>The decline continued at the opening of the Asian session this morning (Tuesday) before a significant plunge was shown after the RBA meeting.</p><p><br /></p><p><br /></p><p>The price surpassed last week's lows around 0.63300 and approached the concentration level of 0.63000 at the opening of the European session.</p><p><br /></p><p>The decline in price is likely to extend into the next session with the expectation to reach the next target at 0.62000.</p><p><br /></p><p>But if the situation changes, a rebound will be witnessed like the movement pattern at the end of last week.</p><p><br /></p><p>The price increase will test the initial resistance at 0.63700 before heading towards the 0.64400 zone which was the price opening level earlier this week.</p>