has formed bullish BAT
pattern in one hour chart so jump till 0.7915 cannot be ruled out. The RBA surprised the markets by keeping rates on hold at 2.25%. The central bank
noted that “having eased monetary policy
at the previous meeting, it was appropriate to hold the rates for the time being”. It also mentioned that further rate cut will be there over the period ahead.
has recovered till 0.7835 after the RBA monetary policy
. On the upside major resistance is 0.7850 and any break above will target 0.7905-0.7915 in short term.
The pair’s minor support is around 0.7800 and any break below will take the pair till 0.7730/0.7695.
Indicators (1 hour chart)
(50) – Buy
(14) – Buy
Recommendation: Buy AUD/USD
around 0.7820, SL 0.7780, Targets 0.7875/0.7910.