AUDUSD raises to the previous day high after testing the neighborhood of January’2019 low at 0.67500. The RBA announced its unchanged interest rate decision in which the pair showed a hawkish intraday recovery. AUDUSD experiencing a 12 day consecutive bearish movement, climbs to the session top as the Australian Central Bank refrained from hinting any further rate cuts in the early sessions today. In the Daily time frame, AUDUSD is seen retracing from the descending channel on the second day of the week, although renewed fears of a full-blown trade war between the world’s two largest economies might keep a lid on any runaway rally for the China-proxy Australian Dollar.
Hourly time frame shows the pair forming a new high from last day low breaking the support turned resistance at 0.67830. The buyers will wait for a fresh impulsive move above the neckline at 0.68000 which leads the pair 0.68350 and further to 0.68600 for a short term opportunity. On the other side of the coin, the bears are still in near – term control over the pair unless and until the 0.6800 barrier is broken with a close above it. US-China trade tensions continue to preside over markets and pair that alongside lower rates will continue to see yields suffer in the bigger picture.
Daily open: 0.67557
Daily Last high: 0.68008
Daily Last Low: 0.67499
Daily current growth: +0.50%