RBA decision once again turned out be a non-event, the Aussie was little impacted and held onto the gains.
- AUD/USD has edged lower after hitting highs at 0.7283 on the day, is trading above the 0.7250 handle at 0.7268
- The pair continues to consolidate near recent highs, faces major resistance at 0.7285, breaks above could see the pair at 0.7364 levels
- RSIs are biased up & the pair is back above the daily cloud and 10& 100-DMAs, we see scope for further gains, breaks above 0.7285 will be crucial
- The next hurdle above 0.7285 is located at 0.7297 (Daily High Oct 23), while on the downside supports are seen at 0.7216 (Daily Cloud Top) and then at 0.7200 (10 & 100-Day MAs)
- Bullish invalidation on breaks below 0.7200, pair might then revisit 0.7100 levels
Resistance Levels:
R1: 0.7283 (Daily High Nov 25)
R2: 0.7285 (Trendline)
R3: 0.7297 (Daily High Oct 23)
Support Levels:
S1: 0.7220 (Session lows Dec 1)
S2: 0.7216 (Daily Cloud Top)
S3: 0.7200 (10 & 100-Day MAs)
