FxWirePro: AUD/USD maintains bullish bias with focus on 0.7750 levels
AUD/USD pair rose sharply on Tuesday after Reserve Bank of Australia left rates steady and refrained from including an explicit easing bias in its statement. Reserve Bank of Australia held its cash rate at a record low o…
AUD/USD pair rose sharply on Tuesday after Reserve Bank of Australia left rates steady and refrained from including an explicit easing bias in its statement.
Reserve Bank of Australia held its cash rate at a record low of 1.5 percent while sounding upbeat about the domestic as well as the Chinese economy.
The Aussie also garnered support from surveys showing Chinese manufacturing activity hit a two-year high in October.
The currency pair is currently trading around 0.7658 levels, uncertainty stemming from US election is set to weaken greenback and boost Australian dollar .Therefore it’s good to buy this pair on dips.
Strong support can be seen at 0.7582, a break below this level will expose the pair towards next support level located at 0.7503.
Major resistance can be seen at 0.7760, a break above this level will open the gates towards 0.7800 levels.
