FxWirePro: AUD/USD trades rangebound below 20-DMA, Aussie unmoved after RBA’s expected status-quo

AUD/USD chart - Trading View 

AUD/USD was trading largely unchanged at 0.7646 at around 04:40 GMT, bias neutral.

The pair largely muted after the Reserve Bank of Australia (RBA) stood pat as widely expected.

The RBA board members decided to keep the official cash rate (OCR) unadjusted at a record low of 0.10%.

The central bank maintained its target of 10 basis points for yield on a 3-year Australian government bond and also maintained the parameters for the government bond purchase programme.

In the monetary policy statement that followed, Governor Phillip Lowe said that the economic recovery is well under way, stronger than had been expected.

Major Support Levels: 

S1: 0.7621 (5-DMA)

S2: 0.76

S3: 0.7578 (110-EMA)

Major Resistance Levels: 

R1: 0.7677 (20-DMA)

R2: 0.7695 (110-month EMA)

R3: 0.7734 (cloud base)

Summary: AUD/USD trades with a neutral bias and finds series of stiff resistance till 0.7675. Break above 0.7680 will change near term dynamics. Pullback has bounced off 110-EMA which is offering strong support at 0.7578. Breach below will drag the pair lower.