Australian dollar tumbles as RBA holds rate

The Australian dollar has taken a hit after the Reserve Bank of Australia announced that it would be leaving interest rates unchanged at 4.1%. The bank also warned that further tightening might be necessary due to high levels of inflation. As a result, AUDUSD fell below the 0.6330 support level, exposing the 0.6270 price area. This drop comes after the currency remained range-bound for the past six weeks, but it seems that the bears have taken control in reaction to the RBA's announcement.