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FxWirePro: AUD/USD eases from multi-month highs, antipodean rally stalls as RBA steadies bond market

AUD/USD chart - Trading View 

Antipodeans withdrew sharply overnight from multi-month peaks after the Reserve Bank of Australia (RBA) stepped in to defend its yield target. 

The RBA offered to buy A$1 billion of its targeted April 2024 government bond, pulling the yield back down to 0.14%, after it had strayed as high as 0.21% - against a target of 0.1%.

Commodity prices cooled and as a sharp sell-off in Antipodean bond markets eased, the antipodeans cooled from red hot levels. 

Technical Analysis:

- AUD/USD was consolidating previous session's slump, was trading 0.11% higher at 0.7474 at around 04:30 GMT

- Upside has paused shy of 200-DMA resistance

- Oscillators are at overbought levels with scope for bearish rollover

- Price action is holding above 200H MA for now, major trend is still biased higher 

Major Support and Resistance Levels: 

Support: 0.7425 (200H MA), Resistance:  0.7561 (200-DMA)

Summary: AUD/USD trades neutral for the day. Any breach below 200H MA could see more weakness. Bullish continuation only on decisive break above 200-DMA. 

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