AUD/USD pauses RBA-led rally amid USD buying

Dhwani Mehta FXStreet

The AUD/USD pair rallied as high as 0.7680 after the RBA talked up the Australian economic growth prospects in its monetary policy statement, although the rally lost steam as broad based US dollar strength put a lid on the prices.

AUD/USD holds above 5-DMAs

Currently, the AUD/USD pair rises +0.16% to 0.7671, retreating from session highs of 0.7680 reached post-RBA decision. The RBA left its cash rate unchanged at a record low of 1.50%, while maintaining a neutral stance on the interest rates outlook.

The AUD bulls cheered a bit more upbeat outlook on the global economy and commodities’ prices, while the central expects Q4 GDP to make a comeback. However, the bullish momentum seen behind the greenback against its main competitors combined with reports of rising Chinese iron-ore stockpiles, continue to weigh on the spot.

Next of note for the US JOLTS openings data, which will be reported later in the NA session.

AUD/USD Levels to watch

The pair finds the immediate resistance at 0.7699 (multi-week high) above which gains could be extended to the next hurdle located 0.7750 (psychological levels) and 0.7773 (Nov 9 high). On the flip side, the immediate support located at 0.7596/83 (1h 200-SMA/ 20-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7524 (200-DMA) and below that 0.7500 (zero figure).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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