The
Australian Dollar is trading up with 0.54% at above 0.7427
level against the US Dollar. In line with
the expectations the
Reserve Bank of Australia left its cash rate unchanged at 1.50%. Inflation and wages remain low and the statement of the bank was broadly unchanged from the
previous monetary policy meeting.
Technically speaking the short-term outlook remains bullish. On the four hour time frame the price is developing above its flat 50-day and 100-day SMAs and the 20-day SMA has turned to north. RSI has eased around 65 level while stochastic is showing strong bullish momentum and is entering extreme overbought conditions.
Now bulls are eyeing the resistance at 0.7445 which is broken will open doors for testing the next one - July 10 high at 0.7484 and higher at 0.7531. Looking to the downside the pair founds support at 0.7348 (Friday’s low), 0.7310 (July 2 bottom) and 0.7184.
Technically speaking the short-term outlook remains bullish. On the four hour time frame the price is developing above its flat 50-day and 100-day SMAs and the 20-day SMA has turned to north. RSI has eased around 65 level while stochastic is showing strong bullish momentum and is entering extreme overbought conditions.
Now bulls are eyeing the resistance at 0.7445 which is broken will open doors for testing the next one - July 10 high at 0.7484 and higher at 0.7531. Looking to the downside the pair founds support at 0.7348 (Friday’s low), 0.7310 (July 2 bottom) and 0.7184.
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