AUD/USD regains 0.7200 on RBA – a non-event

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The Australian dollar picked-up significant strength and rallied versus its American counterpart in last hours, now pushing AUD/USD back above 0.72 barrier.

    AUD/USD jumps-off hourly 200-SMA

    Currently, the AUD/USD pair trades 0.80% higher at 0.7203, rising sharply from near 0.7175 region. The bid tone on the AUD keeps growing bigger, now sending AUD/USD beyond 0.72 handle as the bulls ignored the RBA’s further easing bias and cheered the central banks optimistic comments on the Australian economic outlook.

    Moreover, RBA kept the policy steady at it’s latest monetary policy decision today, squashing hopes of many doves who had bet on a rate cut, thus boosting the upside in the AUD/USD pair.

    Looking ahead, markets will continue to digest the latest RBA policy decision while await fresh cues from the upcoming US factory orders data, ahead of Wednesday’s Aus retail sales and trade balance data.

    AUD/USD Levels to watch

    The pair has an immediate resistance at 0.7218/19 (100 & 20-DMA), above which gains could be extended to 0.7262/73 (Oct 27 & 26 High) levels. On the flip side, support is seen at 0.7176 (1h 200-SMA) from here it to 0.7147/27 (50-DMA/ Today’s Low).
    For more information, read our latest forex news.

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