The AUDUSD pair has moved higher to its 50 period MA today at 0.73875 after the RBA decided to maintain rates at 1.50%. The tone of the statement was neutral and the AUD moved higher towards the 0.74000 level. The support for the move came from yesterday’s low at 0.73099 and price was able to gather more support around 0.73250. A drop under this area can see price test 0.73000 followed by 0.72580 and the falling support trend line at 0.72050.
Resistance can be tested on a break above 0.74115 with the 100 period MA at 0.74270. The area around 0.74470 has seen price fail early last week and a break above this area would be decisive in an attempt to get back above 0.75000. The 200 period MA is placed at 0.74814 with falling resistance trend lines at 0.75125 and 0.76000. The latter level also plays host to rising resistance trend line and can be quite strong however price is 220 pips lower at present.
This pair is serving time trading between 111.400 and 108.000 at present with a tighter range seen here in 4 hour between 110.900 and 109.250. The upper limit of the latter range has been broken today and this has seen a test of 111.000 today. A confirmed break out higher would test 111.390 followed by 111.750 and ultimately the 112.000 area.
Support can be seen at the broken trend line at 110.580 with a breakdown of the line resulting in more sideways consolidation. The 50 period MA is found at 110.385, the 100 at 110.206 and the 200 at 109.910. A break under 110.000 can see buyers step in at lower levels but a loss of 109.440 and trend line support could see their stops taken out and sellers try for another leg down towards 109.000 followed by 108.540, 108.277 and 107.917.