FxWirePro: AUD/USD intraday upside momentum strong after positive tone from RBA
The AUD/USD rose sharply against US dollar on Tuesday after Reserve Bank of Australia kept interest rates on hold and raised the bar on further monetary easing. RBA kept the cash rate at a record low of 1.75 percent at i…
The AUD/USD rose sharply against US dollar on Tuesday after Reserve Bank of Australia kept interest rates on hold and raised the bar on further monetary easing.
RBA kept the cash rate at a record low of 1.75 percent at its monthly review, after cutting last month for the first time in a year.
The currency pair is trading around 0.7450 levels, it is set to advance further towards 0.7500 later towards 0.7550 levels in the short term.
Short pullback around 0.7352 should be taken as buying opportunities, as Australian dollar is stronger against the US dollar in intraday trading.
Strong support can be seen at 0.7413, a break below this level will expose the pair towards next support level located at 0.7352.
Major resistance can be seen at 0.7474, a break above this level will open the gates towards 0.7554 levels.
