FxWirePro: AUD/USD retreats slightly RBA rate decision, but trend is still bullish

• AUD/USD retreated modestly on Tuesday following the RBA move, as traders scaled back further hike expectations.

•  Australia’s central bank raised its cash rate for a second consecutive month to curb inflation, but a close vote signaled that further rate hikes are uncertain.

• Australia’s central bank raised its cash rate by 25 bps, with a close vote highlighting uncertainty ahead.

·  The RBA started a busy central bank week, as surging oil prices from Middle East tensions raise inflation risks and peers prepare to pause.

•. Rising oil prices from the U.S.–Israel conflict with Iran have heightened inflation concerns and driven a global repricing of rate expectations.

•  Immediate resistance is located at 0.7151 (Higher BB), any close above will push the pair towards 0.7190 (23.6%fib).

•  Support is seen at 0.7049 (38.2%fib) and break below could take the pair towards 0.6968(Lower BB)

Recommendation: Good to buy around 0.7050 with stop loss of 0.6950, and target price of 0.7100