AUD/USD has broken major trend line resistance 0.7680 after release of RBA Monterrey policy. RBA kept its Cash rate unchanged at 2%.
RBA Governor Glenn Stevens said that “Further depreciation seems both likely and necessary”.
The omission of an easing bias caused a "relief rally" CBA currency strategist Elias Haddad said.
"That there is no explicit easing bias in the statement has been one of the catalysts driving the Australian dollar higher against the US and most major currencies," Mr Haddad said.
Technically Aussie is trading above 0.7700 and is expected to reach till 0.7760/0.7800 in short term.
On the 0.7650 is acting as short term support and any further weakness can be seen only below that level.
It is good to buy at dips around 0.7700 with SL around 0.7650 for the TP of 0.7805.
RBA Governor Glenn Stevens said that “Further depreciation seems both likely and necessary”.
The omission of an easing bias caused a "relief rally" CBA currency strategist Elias Haddad said.
"That there is no explicit easing bias in the statement has been one of the catalysts driving the Australian dollar higher against the US and most major currencies," Mr Haddad said.
Technically Aussie is trading above 0.7700 and is expected to reach till 0.7760/0.7800 in short term.
On the 0.7650 is acting as short term support and any further weakness can be seen only below that level.
It is good to buy at dips around 0.7700 with SL around 0.7650 for the TP of 0.7805.