Breaking: AUD/USD drops through key trendline support in a 0.57% move on RBA Lowe

In additional remarks, that have finally given the market a catalyst, the Reserve Bank of Australia governor Philip Lowe says the budget strategy was right but  warns that it is possible to cut rates down to 10 bps.

AUD/USD fell 0.57%.

Additional comments

Says policy steps available can not be expected to quickly drive inflation back to 2.5%.

Says creating jobs is the first priority.

Says would like more fiscal stimulus from Australian states.

Says not yet decided on whether to expand government debt-buying program.

Says Australian 10-year yields are among highest in the developed world, looking at that.

Says considering what benefits would come from buying longer-dated govt bonds.

AUD/USD update

AUD/USD on the move to print fresh session lows.

4-hour chart

The price is breaking the key trendline support where offers would be expected to build on a retest of the resistance area. 

More to come...