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FxWirePro: AUD/USD slightly weaker on RBA's status-quo, finds strong support at 0.7615 (20-DMA)

  • RBA's rate decision was largely a non-event,  AUD/USD failed at weekly highs, slips lower to hover around 20-DMA support at 0.7615.
     
  • RBA left the cash rate unchanged at a record low of 1.5% earlier today.
     
  • Downside remains cushioned as the policy statement offered no explicit dovish bias and continues to remain data-dependent.
     
  • Recent data suggest that overall growth is continuing, Australia’s Q2 Current account came in at -$15.5bn versus -20bn expected.
     
  • Focus now shifts towards the US LMCI and ISM services data due later in the NA session.
     
  • Techs on daily charts are bullish, but upside to resume only on break above trendline resistance at 0.7640.
     
  • On the flipside, 5-DMA at 0.7567 is strong support, break below could see downside upto 0.7536.
     
  • Major support levels - 0.7615 (20-DMA), 0.76, 0.7581 (session low).
     
  • Major resistance levels - 0.7636 (trendline), 0.7655 (Aug 23 high), 0.7691 (Aug 15 high).

Recommendation: Go long on break above 0.7636, SL: 0.7610, TP: 0.7690/ 0.77
 

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