AUD/USD refreshes intraday high above 0.6100 after RBA

AUD/USD remains positive after RBA matched wide market expectations of no change in the monetary policy.
Trade sentiment remains positive amid clues of further stimulus.
Aussie data flashed downbeat figures during early Asia, the market price in further rate cuts.
Virus updates, measures to combat the pandemic could offer fresh impetus.

Anil Panchal FXStreet

With the RBA matching the most market consensus of a no change in the current monetary policy, AUD/USD stays mildly positive to the intraday high near 0.6130 amid the early Tuesday.

Read: RBA keeps Official Cash Rate steady at 0.25%, AUD/USD little changed

Following signals of additional stimulus from the US President Donald Trump and House Speak Nancy Pelosi, policymakers from Japan and New Zealand also hinted further aid to fight against the deadly virus.

US President Trump urged China for help while also criticized Indian PM Modi for restricting a medicine’s exports.

The market’s risk-tone recovered on Monday as figures from Spain, Italy and the UK receded further from their recent tops.

That said, the US 10-year Treasury yields remain positive near 0.69% whereas Australia’s ASX 200 drops further below 5,250 as the central bank dashed hopes of additional stimulus. Even so, most markets in Asia-Pacific mark gains by the press time.

Earlier during the day, Aussie trade balance and ANZ Job Advertisements and AiG Performance of Services Index flashed downbeat figures.

Looking forward, investors will pay attention to the global developments surrounding the pandemic for fresh impulse whereas the US JOLTS Job Openings could offer additional data for direction.

Technical analysis

With the sustained trading beyond a month-old falling trend line, currently near 0.6100, buyers can target March-end top close to 0.6215 during the further upside. Meanwhile, 21-day SMA near 0.6070 can question the pair’s declines below the resistance-turned-immediate support line.

Additional important levels

Overview
Today last price	0.6127
Today Daily Change	41 pips
Today Daily Change %	0.67%
Today daily open	0.6086

Trends
Daily SMA20	0.6068
Daily SMA50	0.6424
Daily SMA100	0.6647
Daily SMA200	0.6744

Levels
Previous Daily High	0.6107
Previous Daily Low	0.5991
Previous Weekly High	0.6214
Previous Weekly Low	0.598
Previous Monthly High	0.6686
Previous Monthly Low	0.5509
Daily Fibonacci 38.2%	0.6063
Daily Fibonacci 61.8%	0.6035
Daily Pivot Point S1	0.6016
Daily Pivot Point S2	0.5945
Daily Pivot Point S3	0.59
Daily Pivot Point R1	0.6132
Daily Pivot Point R2	0.6178
Daily Pivot Point R3	0.6248

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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