AUD/USD pair eased in US session as the pair lost bullish momentum on Monday as the pair succumbed to profit taking and mixed economic data release from Australia disappointed some buyers. The Reserve Bank of Australia h…
AUD/USD pair eased in US session as the pair lost bullish momentum on Monday as the pair succumbed to profit taking and mixed economic data release from Australia disappointed some buyers.
The Reserve Bank of Australia holds its policy review on Tuesday and is most likely to keep cash rate on unchanged at a record low2.0 percent.
Currently the pair is making an attempt to retest 0.7500 levels as the Aussie bulls has lost momentum in the backdrop of slightly stronger dollar and sharp fall in oil prices.
The resistance level at 0.7723is set to act as strong barrier to bulls and bring decline towards 0.7550 and later towards 0.7500 levels in the short term.
To the upside, the strong resistance can be seen at 0.7760, a break above this level would take the pair towards next resistance level at 0.7800.
To the downside immediate support can be seen at 0.7600, a break below this level will open the gates towards next level at 0.7550.
