7 Apr 2015
AUD/USD consolidates RBA-backed gains below 0.77
FXStreet (Mumbai) - AUD/USD keeps gains and remains elevated just near 0.77 barrier as traders continue to digest Reserve Bank of Australia’s (RBA) unchanged monetary policy stance.
AUD/USD retreats from 0.7711
Currently, the AUD/USD trades at 0.7688, up 1.26% on the day, having jumped to fresh weekly highs at 0.7711 levels shortly after RBA’s policy announcement. AUD/USD retreated slightly from one-week highs as markets now assess RBA’s monetary policy decision. The Central bank decided to keep the cash rate unchanged at 2.25%.
RBA mentioned in its statement that further depreciation in the exchange rate seems more likely and that the board would assess case for further monetary easing in its forthcoming meetings as the domestic growth still remains weak.
Meanwhile, traders may turn their attention towards FOMC minutes to be released tomorrow for fresh incentives on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7720 levels, above which gains could be extended to 0.7750 levels. On the flip side, support is seen at 0.7600 levels from here it to 0.7577 (Today’s Low) levels.
AUD/USD retreats from 0.7711
Currently, the AUD/USD trades at 0.7688, up 1.26% on the day, having jumped to fresh weekly highs at 0.7711 levels shortly after RBA’s policy announcement. AUD/USD retreated slightly from one-week highs as markets now assess RBA’s monetary policy decision. The Central bank decided to keep the cash rate unchanged at 2.25%.
RBA mentioned in its statement that further depreciation in the exchange rate seems more likely and that the board would assess case for further monetary easing in its forthcoming meetings as the domestic growth still remains weak.
Meanwhile, traders may turn their attention towards FOMC minutes to be released tomorrow for fresh incentives on the pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7720 levels, above which gains could be extended to 0.7750 levels. On the flip side, support is seen at 0.7600 levels from here it to 0.7577 (Today’s Low) levels.