FxWirePro: AUD/USD intraday downside momentum strong after surprise rate cut by RBA
The pair declined sharply on Tuesday after Reserve Bank of Australia surprised the market by cutting its cash rate to record low. The central bank cut its cash rate by a quarter point to record low of 1.75 percent at is …
The pair declined sharply on Tuesday after Reserve Bank of Australia surprised the market by cutting its cash rate to record low.
The central bank cut its cash rate by a quarter point to record low of 1.75 percent at is monthly policy meeting to insulate the economy from growing deflation.
Currently the currency pair is trading around 0.7510 levels, it is set to decline further towards 0.7450 later towards 0.7400 levels in the short term.
Strong support can be seen at 0.7488, a break below this level will expose the pair towards next support level located at 0.7453.
Major resistance can be seen at 0.7542, a break above this level will open the gates towards 0.7580 levels.
