The Reserve Bank of Australia yesterday cut its interest rate down from 0.25 to 0.10 percent to encourage investors to take out more cash loans at lower interest rates to serve in investment and business. The board said it would take at least three years for the central bank to come up with a policy of raising interest rates by the situation in Australia.

In addition, more than 100 billion US dollars is planned to be used in the economic acceleration program (QE) from the word Quantitative Easing, which is the process of injecting cash into the economy through Purchasing government bonds.

With the prosperity of Australians improving their lives, the results of a measure of economic strength show that the optimal inflation rate for Australians is between 2 and 3 per cent. Inflation is the key to resolving the economic crisis.

Australia’s latest report on inflation in September was only 1.6 percent if we compare monthly. That means the Reserve Bank of Australia needs to use monetary policy to raise inflation as planned to improve wage levels and the unemployment rate. Acts that affect the spread of Covid-19.

In addition, while the United States is currently electing a candidate for the new presidency, it is an event of short-term instability that has weakened the dollar.

Pivot point: 0.711200

Resistance 1: 0.72100             Support 1: 0.70700

Resistance 2: 0.72700             Support 2: 0.69700

Resistance 3: 0.73600             Support 3: 0.69100

For today’s forecast, investors should buy the AUDUSD at the current price between 0.71400 and set take profit at 0.72600 and stop loss at 0.70200.

Analyzed by Mr. Long Samnang,Independent Analyst