RBA Governor Glenn Stevens’ speech yesterday was globally focused and had no impact on the AUD.
The major is likely to track risk sentiment and commodity prices as oil has clearly shaken off the Doha drop. A further rally in equities will be supportive of the AUD.
On the Technical side, the pair has edged below the 0.78 handle (minor support and psychological level) and is currently trading with a negative bias.
4H 10-SMA support at 0.7781 is holding on the downside, breaks below will accentuate downside.
Pair finds next support at 0.7750 (5-DMA), 0.7745 ( Apr 18th lows), and then 0.7686 (4H 55EMA).
On the upside, pair finds stiff resistance at 0.7830 (rising ), invalidation only on breaks above.
Good to short rallies around 0.7780/85, SL: 0.7830, TP: 0.7750/0.77/0.7690