Aussie higher after the Reserve Bank of Australia said the need for higher interest rates. "If economic conditions develop according to expectations, the higher interest rates is needed if inflation is consistent with the medium-term targets,"the RBA minutes released Tuesday. Finance Minister Martin Parkinson also optimistic that the Aussie will follow the good trail and export performance will remain at high levels for a while.
"Minutes of the meeting were optimistic and raised the RBA rate hike expectations," said Mitul Kotecha, strategic Credit Agricole. "Overall, positive impact for the Aussie. No statement did not mention the RBA will raise interest rates. "Credit Suisse index swaps show the RBA will raise interest rates by 34 basis points over the next 12 months, more than likely 28 basis points on 3 May.
Viewed from the stochastic indicator, the Aussie has been at level 80 which indicates that the Aussie was at overbought levels. The Aussie has the potential to back down to the nearest support level at 1.0578. While the nearest resistance level at 1.0633
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