After testing resistance we now have to test the support levels of 0.8850 & 0.8155
From the RBA:
At recent meetings, the Board had judged that it was appropriate to leave the cash rate unchanged while continuing to gauge the effects, including in the housing market, of the substantial degree of stimulus that had been put in place over the past two years. There was mounting evidence that was supporting activity in interest-sensitive sectors and asset values, and given the lags with which operates, the stimulatory effects would likely continue coming through for some time. At the same time, remained within the target and the Australian dollar , while below its level earlier in the year, remained uncomfortably high. Members noted that a lower level of the exchange rate would likely be needed to achieve balanced growth in the economy.
The Board's judgement was that, given the substantial degree of policy stimulus that had been imparted, it was prudent to hold the cash rate steady while continuing to gauge the effects, but not to close off the possibility of reducing it further should that be appropriate to support sustainable growth in economic activity, consistent with the target. The Board would continue to examine the data over the months ahead to assess whether remained appropriate.