AUD/USD moved higher today following the RBA policy announcement and statement. Centrals bankers, as expected, are keeping the cash rate unchanged at 1.5% and sounded a bid mild having recent weak economic data.
Aussie cheered up on the news and jumped to 0.7701, but the euphoria didn’t last long the pair turned to the downside with current market price 0.7662.
On the four hour time frame the price is developing below all its moving averages, having the 100-day and 200-day SMAs with bearish slopes while the 20-day SMA is staying flat few pips above the current rate. RSI is located around its mid-line, but is showing strong bearish momentum. Stochastic is slightly above the mid, but has started to turn to south.
Immediate support is seen at 0.7650 and in case of breaking it to below, the pair would be poised to extend its decline towards the key level at 0.7600. Looking to the upside, 0.7700 remains first challenge for the bulls, which if conquered next target will be 0.7725.
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