FxWirePro: AUD/USD slumps over 0.50% as RBA affirms dovish stance, outlook bearish

AUD/USD chart - Trading View 

AUD/USD was trading 0.51% lower on the day at 0.7481 at around 06:50 GMT, outlook bearish.

The Reserve Bank of Australia (RBA) left its cash rate at a record low of 0.1%, but dropped both a commitment to keeping bond yields low and its projection of no hike in interest rates until 2024 as inflation crept up in the country.

Australian dollar weakened on Tuesday after the country's central bank dampened investor hopes for a hawkish tilt.

Governor Lowe maintained the dovish tone in the statement that followed, said market pricing for early rate hikes extremely unlikely.

AUD/USD technical bias has turned bearish on the daily charts. Upside was capped at 200-DMA. 

MACD is on verge of bearish crossover on signal line, RSI is showing a bearish reversal from near overbought levels.

Price action has slipped below 200H MA, scope for test of 21-EMA support at 0.7439.