6/18/2012 RBA Monetary Policy Meeting Minutes (1530 HI time / 2130 EDT)
Started @ 1.0047
1st Peak @ 1.0058 – 1531 (1 min)
Reverse to 1.0036 – 1535 (5 min)
Notes: Tame report reaction overall. With lighter than average volume, the market went long initially, but could not hold onto its gains as it retraced from the top of the wick to fall 22 ticks in a relatively short 5 min to the area where the 200 and 100 SMAs were converging. With the recent RBA decisions to cut rates 50 BP at the last meeting, then 25 more BP at the this meeting, the volatility seen on the RBA decision carries over into the minutes reflected in the choppiness and initial move that could not hold.