The RBA new economic forecasts suggest that interest rates still not low and it will cut OCR again in the coming months.
On the upside 0.7860 is acting as major resistance and any reversal can happen only above that level. The break of 0.7860 will target 0.7900/0.8025 in short term.
The minor support is around 0.7800 and break will take the pair to 0.7750/0.7730.
The further movement in the market depends on the US NFP data which is to be released on Friday.
Indicators (1 Hour chart)
(50) - Buy
(14) - Buy
Recommendation: We prefer to remain neutral till release of US NFP data today.