FxWirePro: AUD/USD holds marginal gains, RBA cuts interest rates to 1.0% as widely expected

AUD/USD chart - Trading View 

AUD/USD erased brief weakness post RBA rate decision and is currently trading at 0.6984 at 05:15 GMT, up 0.30%.

The Reserve Bank of Australia (RBA), cut interest rates to a historic low level of 1.0% as was widely expected. 

The central bank did not provide any clues for additional rate cuts while citing reasonable global economic outlook.

The decision failed to have any major impact on the Australian Dollar, price action holds steady above 0.69 handle.

Major trend in the pair has been bearish. Upside was rejected at daily cloud top. Price action slips below 5-DMA.

Technical indicators are turning bearish. RSI has turned and Stochs are on verge of rollover from overbought levels.

The pair finds strong support at 0.6954 (converged 50-DMA and 21-EMA). Break below will see resumption of downside.

Next major bear target lies at 0.6840 (trendline). Breakout above daily cloud will see some upside.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.