FxWirePro: AUD/USD loses momentum after RBA statement, scope for downward resumption
AUD/USD declined sharply on Tuesday as the Aussie was hit by dovish statement by Reserve Bank of Australia and weak commodities prices dragged the antipodean currency lower. Reserve Bank of Australia as expected kept its…
AUD/USD declined sharply on Tuesday as the Aussie was hit by dovish statement by Reserve Bank of Australia and weak commodities prices dragged the antipodean currency lower.
Reserve Bank of Australia as expected kept its cash rate steady at record low 2.0percent after its monthly policy meeting earlier in the Asian session.
The pair is set to remain under pressure as weakness in commodity prices is set to weigh on the currency pair in the short term
To the upside, the strong resistance can be seen at 0.7595, a break above this level would take the pair towards next resistance level at 0.7632.
To the downside immediate support can be seen at 0.7518, a break below this level will open the door towards next level at 0.7490.
