AUD/USD Short Term outlook

FX:AUDUSD   Australian Dollar / U.S. Dollar
333 0 5
AUD/USD             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.

AUD/USD             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)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy

Recommendation: Buy AUD/USD             around 0.7820, SL 0.7780, Targets 0.7875/0.7910.

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