FxWirePro: AUD/USD retakes 0.72 post RBA-led wild swings as Futures price out Dec easing

AUD/USD spiked to 0.7210 post RBA no change stance, then slid to 0.7110 on easing bias, and has now regained the 0.72 handle.

• Aussie bulls ignore RBA's further easing bias and cheer the central banks optimistic comments on economic outlook
   
• The pair is pushing higher as futures price out Dec easing, futures market only pricing in around a 35% chance of Dec 25 BP rate cut
   
• Also RBA Governor Stevens speaks Thursday and RBA SOMP released on Friday, the c.bank has chance to clarify intentions 
   
• AUD/USD is currently trading at 0.7200, easing slightly after hitting highs of 0.7212
   
• Strong resistance is seen at 0.72 (trendline) ahead of 0.7225 (21-day MA and 50% of 0.7382/0.7067 converge)
   
• Stochs on hourlies show bearish crossover from overbought levels, correction lower could ensue
   
• Supports on the downside are seen at 0.7162 (hourly 10 SMA), and further below at 0.7109 (cloud top)
   

Recommendation: Good to sell rallies around 0.7200, SL: 0.7240, TP: 0.7150