AUD/USD re-takes 5-DMA resistance on RBA’s status-quo

The AUD/USD pair reverted towards the familiar range above the mid-point of 0.76 handle, reversing a quick knee-jerk dip to 0.7630 region, after the RBA left its cash rate unchanged.

AUD/USD turns positive again on RBA

Currently, the AUD/USD pair turns positive to trade at fresh session highs of 0.7666, regaining 5-DMA located at 0.7665. The Aussie is back on the bids after the RBA monetary policy decision, with the central bank making no changes to the Official Cash Rate (OCR), while acknowledging that the weaker GDP numbers are only due to temporary factors.

Overall, the RBA maintained a neutral stance, but sounded more optimistic on the Australian economic prospects going forward, in light of improvement in the global economy. 

Markets will continue to digest the RBA monetary policy, while awaiting fresh cues from Friday’s Statement of Monetary Policy (SoMP) for further insights. In the meantime, the US JOLTS openings data will be closely eyed for any impact on the major.

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)